Quotes: US 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
 Sep 17 2014 - Oman, Taiwan to enhance bilateral cooperationMENAFN
(MENAFN) Taiwan and Oman are looking to enhance their bilateral cooperation, especially in the field of solar cells, which Taiwan is the second-largest producer of it in the world, as well as other ...

 Sep 17 2014 - 'Password fatigue' haunts Internet massesArab Times
(MENAFN - Arab Times) SHINGTON June 25 2013 (AFP) -Looking for a safe password You can give HQbgbiZVu9AWcqoSZmChwgtMYTrM7HE3ObVWGepMeOsJf4iHMyNXMT1BrySA4d7 a try. Good luck memorizing it. Sixty-three ...

 Sep 17 2014 - Saudi to explore new projects with SeoulMENAFN
(MENAFN) Saudi Arabia and South Korea have agreed to enhance cooperation in the areas of entrepreneurship and small and medium enterprises (SMEs), Arab News reported.In order to enhance the bilateral ...

 Sep 17 2014 - Profits of Kingdom's firms set to rise 172Arab News
(MENAFN - Arab News) DUBAI: The opening of Saudi Arabia's stock market (Tadawul) to direct foreign investment early next year is set to coincide with a pick-up in earnings growth in the Kingdom which ...

 Sep 17 2014 - GDI, Keppel FELS Sign USD22m ContractMENAFN
(MENAFN) Gulf Drilling International, the Qatari drilling firm, announced signing a USD227 million contract with Keppel FELS for its fifth new build order for their high-specification KFELS B Class ...

 Sep 17 2014 - Ooredoo Kuwait cuts 165 jobsMENAFN
(MENAFN) Ooredoo Kuwait, the Gulf country's No 3 mobile operator by subscribers, announced it had to cut 165 jobs due its market share shrinking and profits falling, Gulf Daily News reported.The ...

 Sep 17 2014 - Flydubai to launch Almaty, Kazakhstan serviceMENAFN
(MENAFN) Flydubai announced expanding its Central Asia network with the launch of its new service to Almaty, the Kazakhstan capital, Gulf News reported.The airline said that the new Dubai-Almaty ...

 Sep 17 2014 - Saudi sentences two to death, jails 13 for 'terrorism'The Peninsula
(MENAFN - The Peninsula) A Saudi court yesterday sentenced two men to death and 13 others to lengthy jail terms for killing a policeman and three civilians and forming an Al Qaeda cell in prison.The ...

 Sep 17 2014 - Brotherhood leader arrested in JordanThe Peninsula
(MENAFN - The Peninsula) : Jordan arrested a senior member of the country's Muslim Brotherhood yesterday on charges of "incitement" against the authorities, a judicial source said, as the group's ...

 Sep 17 2014 - Bahrain sets October 1 trial date for key activistThe Peninsula
(MENAFN - The Peninsula) Prominent rights activist Maryam Al Khawaja, daughter of a jailed Shia opposition figure, is to stand trial from October 1 charged with assaulting a police officer, her ...

more...


 






Google

Click to Apply

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help