LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced today the signing
of the full 30-year agreements with the Libyan National Oil Company
(NOC) to upgrade its existing petroleum contracts.
Occidental Petroleum Chairman and Chief Executive Officer Dr. Ray R.
Irani attended the signing ceremony with Libyan officials in Tripoli,
Libya, and stated, "We believe these new agreements with NOC represent
an important step toward Libya's goal of doubling oil production to more
than 3 million barrels per day in the near future."
The new agreements, which cover fields with approximately 2.5 billion
barrels of recoverable high-quality oil reserves, allow NOC and
Occidental to design and implement major field redevelopment and
exploration programs in the prolific Sirte Basin. After capital
investment over the next five years of approximately $5 billion, gross
production is expected to triple from current production to 300,000
barrels per day.
Oxy began operations in Libya in 1965 and continued operating until U.S.
sanctions were imposed in 1986. Oxy was the first U.S. company to resume
oil operations in Libya after the U.S. sanctions were lifted in 2004.
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 the fourth
largest U.S. oil and gas company, 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
Statements in this release that contain words such as "will," "expect"
or "estimate," or otherwise relate to the future, are forward-looking
and involve risks and uncertainties that could significantly affect
expected results. Factors that could cause results to differ materially
include, but are not limited to: exploration risks, such as drilling of
unsuccessful wells; global commodity pricing fluctuations and
supply/demand considerations for oil, gas and chemicals;
higher-than-expected costs; political risk; operational interruptions;
changes in tax rates and not successfully completing (or any material
delay in) any expansion, capital expenditure, acquisition, or
disposition. 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. The United States Securities
and Exchange Commission (SEC) permits oil and natural gas companies, in
their filings with the SEC, to disclose only proved reserves
demonstrated by actual production or conclusive formation tests to be
economically producible under existing economic and operating
conditions. We use certain terms in this release, such as recoverable
reserves, that the SEC's guidelines strictly prohibit us from using in
filings with the SEC. U.S. investors are urged to consider carefully the
disclosure in our Form 10-K, available through the following toll-free
telephone number, 1-888-OXYPETE (1-888-699-7383) or on the Internet at http://www.oxy.com.
You also can obtain a copy from the SEC by calling 1-800-SEC-0330.