Occidental Receives Libya Contract |
| Houston Chronicle - Nov 26, 2007 |
Libya's national oil company has awarded Occidental Petroleum Corp. a 30-year contract to explore and develop an offshore basin, Occidental said Monday.
The new agreements cover fields with about 2.5 billion barrels of recoverable high-quality oil reserves.
Over the next five years, Occidental expects the site will need about $5 billion in capital investments. Occidental and Austrian oil and gas company OMV AG will contribute 50 percent of the development costs, with Libya's NOC funding the other half.
OMV will have a 25 percent interest in the project and Occidental will have the remaining 75 percent interest. The contract also provides for a $1 billion signature bonus payable over 3 years.
Read Full Article from Houston Chronicle
- Posted: 2007-11-26 09:36:05
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