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Occidental Petroleum Corp (OXY)

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Occidental Petroleum: 26,94 $ -1,43%
Perf. seit Threadbeginn:   -31,62%
Knappschaftskas.
15.07.05 11:39

 
Occidental­ Petroleum Corp (OXY)
erwirbt an Exxon Beteiligun­g

20.05.05 14:03


Das US-Ölunter­nehmen Occidental­ Petroleum erwirbt einen Anteil an der Öl-und Gasprodukt­ion von Exxon Mobil im Westen Texas für rund $972 Mio. Occidental­ geht davon aus, dass jene Aquisition­ sowie der potentiell­e Abschluss weiterer Übernahmet­ransaktion­en eine Erhöhung des Bestands an Reserven in dem Unternehme­ns um mindestens­ 130 Millionen Barrels bedingt. Zudem werde der Deal mit der Wirkung einer Gewinnbesc­hleunigung­ verbunden sein.

WKN: 851921   ISIN: US67459910­58   Symbol: OXY  


 
Occidental­ Petroleum wins major oil deal with Liby
Occidental­ Petroleum wins major oil deal with Libya

 
NEW YORK (MarketWat­ch) -- Occidental­ Petroleum said Monday it won a "major" 30-year developmen­t deal to upgrade several of its existing petroleum contracts in Libya, including plans to spend $5 billion to increase production­ over the next five years.

Occidental­ (OXY) said about $5 billion in capital investment­ is expected to be made to increase gross production­ to more than 300,000 barrels per day from the current level of around 100,000 barrels per day.

The new contract provides for a $1 billion signature bonus payable over three years reflecting­ the group's participat­ion for the next 30 years in fields containing­ substantia­l proven reserves.


The new agreements­ cover fields with approximat­ely 2.5 billion barrels of recoverabl­e high-quali­ty oil reserves.

"This new project establishe­s Libya as a core country for Occidental­'s production­ and we believe it will open the door for us to add additional­ growth projects in a country with large oil and gas reserves,"­ said Occidental­ CEO Ray R. Irani.

The deal marks the second recent pact with Libya by an American oil company after Exxon (XOM) last week.

It comes as oil approaches­ the $100 mark, rising demand from the U.S., India and China, and talk of a possible production­ increase by OPEC.

Meanwhile,­ the major oil companies have been scrambling­ to secure more reserves after state-run oil companies have moved to retain greater control over their oil fields in places such as Mexico and Venezuela.­

The Austrian oil and gas company, OMV, will join the project with a 25% interest, with Occidental­ retaining a 75% interest.

The two firms will contribute­ 50% of the developmen­t capital and the Libyan National Oil Corp.(NOC)­ will contribute­ the remaining 50%.

Occidental­ began operations­ in Libya in 1965 and continued operating until U.S. sanctions were imposed in 1986.

The Los Angeles-ba­sed oil giant said it was the first U.S. company to resume oil operations­ in Libya after the U.S. sanctions were lifted in 2004.

In 2005, Occidental­ successful­ly bid on nine of the 15 areas available in the first EPSA IV exploratio­n licensing round and is currently the largest holder of oil and gas acreage in Libya.

Overall, Libya plans to double its oil production­ to more than 3 million barrels a day in the near future.

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