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FINANCIAL NEWS
Occidental to increase Oman’s oil output by 50%
12 Apr 2010
(MENAFN) Occidental Petroleum Corp said that it will increase its oil output in Oman by 50 percent to 150,000 barrels per day (bpd) in 2012, Reuters reported.
Occidental, the fourth-largest US oil and gas company, currently produces from the Mukhaizna field in Oman.
The company said that its fourth-quarter sales volume increased by around 5 percent compared to a year earlier, attributing the rise in sales to the start-up of production in Bahrain and increased output from its development in Oman.
In January, Occidental announced in its fourth-quarter financial report, that overall 2009 oil production grew 7 percent from a year earlier, and the company expects output to rise by 5 percent to reach 8 percent in 2010.
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