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Occidental Petroleum Announces Agreement On Further Development Of The Idd El Shargi North Dome Field, Offshore Qatar

Stocks in this article: OXY

Occidental Petroleum Corporation (NYSE: OXY) announced today that its wholly owned subsidiary Occidental Petroleum of Qatar Ltd. (Oxy Qatar) and Qatar Petroleum have agreed on the Phase 5 Field Development Plan (FDP) of the Idd El Shargi North Dome Field (ISND), offshore Qatar. The ISND Phase 5 FDP has been prepared in close cooperation between Oxy Qatar and Qatar Petroleum as part of the continued development of ISND under the Development and Production Sharing Agreement (DPSA) between the Government of the State of Qatar and Oxy Qatar, which was entered into in July 1994. The work has already begun and will continue to sustain oil production levels at about 100,000 barrels/day through the next six years.

The ISND Phase 5 FDP includes specific activities identified from upgraded reservoir simulation models to implement and/or improve water-flooding practices in all oil producing reservoirs. During implementation of the ISND Phase 5 FDP, Qatar Petroleum and Oxy Qatar will strive to improve the ultimate recovery in all existing contract reservoirs by continuing to work closely together to further optimize long-term production and recoverable reserves.

The ISND Phase 5 FDP comprises drilling over 200 additional production, water injection and water source wells, plus the installation of associated facilities required to support the additional wells. Added facilities will include minimum facilities platforms, wellhead jackets, fluid processing equipment and pipeline debottlenecking and water source projects. In addition, pilot studies to support Produced Water Re-Injection and Enhanced Oil Recovery projects will be implemented. The development activities are expected to constitute an aggregate investment exceeding $3 billion.

Oxy Qatar, under separate contractual arrangements, also operates the Idd El Shargi South Dome Field (ISSD) and the Al Rayyan Field in Block 12, and is a partner in Dolphin Energy.

About Oxy

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is one of the largest U.S. oil and gas companies, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Oxy is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.

Forward-Looking Statements

Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Factors that could cause results to differ materially include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Occidental’s products; higher-than-expected costs; not successfully completing, or any material delay of, field developments, capital expenditures or efficiency projects; lower-than-expected production from development projects; general economic slowdowns; political conditions and events; inability to attract trained engineers; or litigation. Words such as "estimate", "project", "predict", "will", "would", "should", "could", "may", "might", "anticipate", "plan", "intend", "believe", "expect", "aim", "goal", "target", "objective", "likely" or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements, as a result of new information, future events or otherwise. Material risks that may affect Occidental’s results of operations and financial position appear in Part 1, Item 1A "Risk Factors" of the 2012 Form 10-K. Occidental posts or provides links to important information on its website at www.oxy.com.

Copyright Business Wire 2010

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