Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Occidental to continue funding growth opportunities in Oman  Join our daily free Newsletter

MENAFN - Muscat Daily - 22/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Muscat Daily) Occidental Petroleum Corporation (Oxy) plans to boost its capital expenditure through targeted investments in a bid to increase production in 2014. The company is also expected to continue funding growth opportunities in its key international assets, mainly in Oman and Qatar, and to complete the Al Hosn gas project in Abu Dhabi.

''Our capital programme for the year will increase to about US10.2bn, compared with 2013, which was slightly under US9bn. Almost all of the increase will be in the oil and gas segment, including US400mn of additional capital to each of our California and Permian operations. We also expect to continue to fund growth opportunities in our key international assets, mainly in Oman and Qatar and to complete the Al Hosn gas project,'' Stephen Chazen, CEO of Oxy, said in the company's annual report.

He said, ''We anticipate that our Middle East business will generate more than US2bn of annual free cash flow once the Al Hosn gas project becomes fully operational.''

In 2013, as much as 34 per cent of Oxy's worldwide production - 258,000 barrels of oil equivalent per day (BOEPD) - came from its operations in the Middle East.

In October 2013, Oxy's board of directors authorised the pursuit of the sale of a minority interest in its Middle East and North Africa operations.

''The majority of our regional capital is deployed in our focus areas of Qatar, Oman and the UAE,'' Oxy said in its report.

H E Salim al Aufi, Undersecretary of the Ministry of Oil and Gas, recently said that Oman Oil Co would consider buying a stake in Oxy's assets in Oman if an offer is made. ''Our understanding is that Oxy will continue to be the operator in Oman. Currently, it is just a due diligence that they are conducting, and no offer is on the table,'' H E Aufi had said.

Oxy has operated in Oman since 1979 and is today the largest independent oil producer in the sultanate, with major operations in northern Oman and at the Mukhaizna field in the south.

The company said that its share of production from Oman was approximately 74,000 BOE per day in 2013.

''At the Mukhaizna field, where we are implementing one of the world's largest steam flood projects, gross production has grown to 123,000 BOE per day - more than 15 times higher than the production rate in September 2005, when Occidental assumed operations. Our exploration programme in northern Oman is one of the most successful in Occidental's history, with a discovery rate of more than 60 per cent,'' the company said in its report.

A 30-year production-sharing contract for the Mukhaizna field (Block 53) was signed with Oman in 2005. By the end of 2013, Occidental had drilled more than 2,100 new wells and continued the implementation of a major steam flood project.&


 


Muscat Daily




  MENA News Headlines
 Jan 30 2015 - test from diaaAdvanced Currecy Markets [ACM]
(MENAFN - Advanced Currecy Markets [ACM]) ...

 Jan 29 2015 - HH the Emir Receives Phone Call from Ban Ki-moonQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Thursday received a phone call from the United Nations Secretary-General, Ban Ki-moon, during which he thanked HH the Emir on the ...

 Jan 29 2015 - Consumer spends on pharma products to increase to Dh5.03b by 2020Khaleej Times
(MENAFN - Khaleej Times) Dubai € Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around ...

 Jan 29 2015 - UAE- Time to put cyber security on top priorityKhaleej Times
(MENAFN - Khaleej Times) Kaspersky lab solutions block millions of attacks across the globe, which clearly indicates that cyber criminals are smart, but not smarter than security providers.This was ...

 Jan 29 2015 - Indian business council honours Emirati businessmenKhaleej Times
(MENAFN - Khaleej Times) Dubai - The Indian Business and Professional Council (IBPC) hosted a reception on the occasion of the 66th Republic Day of India at the Oberoi Hotel, Business Bay, on Sunday. ...

 Jan 29 2015 - UAE, Canada discuss ways to boost tradeKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian ...

 Jan 29 2015 - Emirates NBD facilitates Stanbic in $85 million loan facilityKhaleej Times
(MENAFN - Khaleej Times) Al Ahli Bank of Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers while Al Khalij Commercial Bank and The Commercial Bank of Qatar ...

 Jan 29 2015 - NBAD profit jumps 28% in 2014Khaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - A strong growth in incomes from interest and non-interest based revenues bolstered the National Bank of Abu Dhabi (NBAD) profits to Dh1.372 billion in the quarter ...

 Jan 29 2015 - UAE pharma spend to hit Dh5 billion by 2020Khaleej Times
(MENAFN - Khaleej Times) It is also forecasted to increase at a compound annual growth rate (CAGR) of about 9.78 per cent from 2014 to 2020 as, by then, the value of consumer expenditure on ...

 Jan 29 2015 - Parents happy with children's educationKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi: A survey by the Abu Dhabi Education Council (Adec) has revealed that parents across the emirate are satisfied with their children's schools. The education ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help