Occidental Petroleum Corporation and Mubadala Development Company Sign EPSA to Develop Gas Fields in Oman

Occidental Petroleum Corporation and Mubadala Development Company of Abu Dhabi (Mubadala) announced the signing of an Exploration and Production Sharing Agreement with the Ministry of Oil and Gas in the Sultanate of Oman. Under the terms of the EPSA, the parties will develop four existing gas fields and explore for potential new discoveries in a newly formed contract area (“Habiba” –... 

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Albanian Production Sharing Contract for Blocks 2 and 3 Approved

Manas Petroleum Corp., a Baar, Switzerland based company, today announces its wholly owned subsidiary, DWM Petroleum AG, has signed a Production Sharing Contract (PSC) for Blocks 2 and 3 in Albania. The blocks cover approximately 3,400 km2 (approximately 850,000 acres). The Albanian government was represented by Mr. Genc Ruli the Minister of Economy, Trade and Energy and Manas & DWM by Chairman... 

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Nation’s First Application for a Revolutionary Hydrogen Fuel Electric Generating Facility With Carbon Capture and Sequestration to Be Filed Before the California Energy Commission

Hydrogen Energy International LLC, a joint venture of BP Alternative Energy and Rio Tinto, announced plans to file an AFC (Application for Certification) before the California Energy Commission on Thursday, July 31, 2008, for a proposed hydrogen fuel production facility and power plant in Kern County, California. The filing initiates a comprehensive regulatory review process and, upon approval, grants... 

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OXY To Acquire 10% Interest in the General Partner of Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P. (NYSE:PAA) announced that a wholly owned subsidiary of Occidental Petroleum Corporation (“OXY”), has entered into definitive agreements to acquire an aggregate 10% equity interest in the general partner of PAA directly from the existing owners. Closing is expected to occur within the next 30 to 45 days and is subject to certain customary closing conditions. The... 

Occidental to Develop Major New Texas Enhanced Oil Recovery Assets, Increasing U.S. Production

Occidental Petroleum Corporation announced an agreement with SandRidge Energy to develop a West Texas hydrocarbon gas processing plant and related pipeline infrastructure that will provide carbon dioxide (CO2) for use in Oxy’s enhanced oil recovery (EOR) projects. The new CO2 resources are expected to expand Oxy’s Permian production by a minimum of 50,000 barrels of oil per day within... 

Occidental in Oil Sands Deal with Enerplus

Occidental Petroleum Corp. signed an agreement with Enerplus Resources Fund to buy a 15 percent interest in Alberta’s Joslyn Oil Sands Project for $492.1 million. Operated by Total, the oil sands project holds over 8 billion barrels of bitumen or heavy crude. Occidental’s net recoverable reserves are estimated at 370 million barrels. While the project is still in the early stages, it currently... 

Qatar Plans to Invest $20 Billion in Foreign Oil, LNG Projects

Qatar Petroleum Corp. will invest or is negotiating investments abroad worth $20 billion, including a $7 billion oil refinery in Panama with Occidental Petroleum Corp., Qatar’s energy minister said. Qatar Petroleum International, the state-owned company’s foreign investment arm, has “teamed up” with Occidental to build a 350,000 barrel-a-day oil refinery in the Central American... 

Occidental Petroleum CEO got compensation of $52.8 million in 2006

A regulatory filing shows the top executive at Occidental Petroleum received compensation in 2006 that the company valued at 52-point-eight (m) million dollars. Ray Irani, the company’s chairman, president and C-E-O, received a salary of one-point-three (m) million dollars, a cash bonus of one-point-four (m) million and four-point-six (m) million in incentives and other compensation. Most of... 

Occidental Petroleum Declares Regular Quarterly Dividend of 22 Cents Per Share

Occidental Petroleum Corp. on Thursday announced a regular quarterly dividend of 22 cents per share. The Los Angeles-based company will pay the dividend April 15 to shareholders of record March 9.  Read More →

Crude Oil Falls From Six-Week High on Sufficient Fuel Supplies

Crude oil dropped on speculation that supplies from OPEC and other producers are sufficient to meet increased heating demand caused by a cold snap in the U.S. Temperatures in the U.S. Northeast, where 80 percent of the nation’s heating oil is consumed, will be below normal through Feb. 21, the National Weather Service said. OPEC may not need to cut production further if prices maintain their...