Occidental Petroleum Corp (OXY)

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8451 Postings, 6962 Tage KnappschaftskassenOccidental Petroleum Corp (OXY)

15.07.05 11:39
erwirbt an Exxon Beteiligung

20.05.05 14:03

Das US-Ölunternehmen Occidental Petroleum erwirbt einen Anteil an der Öl-und Gasproduktion von Exxon Mobil im Westen Texas für rund $972 Mio. Occidental geht davon aus, dass jene Aquisition sowie der potentielle Abschluss weiterer Übernahmetransaktionen eine Erhöhung des Bestands an Reserven in dem Unternehmens um mindestens 130 Millionen Barrels bedingt. Zudem werde der Deal mit der Wirkung einer Gewinnbeschleunigung verbunden sein.

WKN: 851921   ISIN: US6745991058   Symbol: OXY  

5570 Postings, 6122 Tage skunk.worksOccidental Petroleum wins major oil deal with Liby

26.11.07 13:58
Occidental Petroleum wins major oil deal with Libya

NEW YORK (MarketWatch) -- Occidental Petroleum said Monday it won a "major" 30-year development deal to upgrade several of its existing petroleum contracts in Libya, including plans to spend $5 billion to increase production over the next five years.

Occidental (OXY) said about $5 billion in capital investment is expected to be made to increase gross production to more than 300,000 barrels per day from the current level of around 100,000 barrels per day.

The new contract provides for a $1 billion signature bonus payable over three years reflecting the group's participation for the next 30 years in fields containing substantial proven reserves.

The new agreements cover fields with approximately 2.5 billion barrels of recoverable high-quality oil reserves.

"This new project establishes Libya as a core country for Occidental's production and we believe it will open the door for us to add additional growth projects in a country with large oil and gas reserves," said Occidental CEO Ray R. Irani.

The deal marks the second recent pact with Libya by an American oil company after Exxon (XOM) last week.

It comes as oil approaches the $100 mark, rising demand from the U.S., India and China, and talk of a possible production increase by OPEC.

Meanwhile, the major oil companies have been scrambling to secure more reserves after state-run oil companies have moved to retain greater control over their oil fields in places such as Mexico and Venezuela.

The Austrian oil and gas company, OMV, will join the project with a 25% interest, with Occidental retaining a 75% interest.

The two firms will contribute 50% of the development capital and the Libyan National Oil Corp.(NOC) will contribute the remaining 50%.

Occidental began operations in Libya in 1965 and continued operating until U.S. sanctions were imposed in 1986.

The Los Angeles-based oil giant said it was the first U.S. company to resume oil operations in Libya after the U.S. sanctions were lifted in 2004.

In 2005, Occidental successfully bid on nine of the 15 areas available in the first EPSA IV exploration licensing round and is currently the largest holder of oil and gas acreage in Libya.

Overall, Libya plans to double its oil production to more than 3 million barrels a day in the near future.  

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