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Occidental in deal on Bahrain

March 17, 2009|Times Wire Reports

Occidental Petroleum Corp. of Westwood and Abu Dhabi investment arm Mubadala Development Co. signed an interim agreement with Bahrain's National Oil and Gas Authority to form a joint venture to increase production from the Bahrain oil field.

Spending on the project during the first five years may reach $1.5 billion, with oil production to rise to more than 100,000 barrels of oil a day and gas output to "significantly increase" above the current 1.5 billion cubic feet a day, Occidental and Mubadala said.

Occidental said the partners expected to sign a 20-year development and production-sharing agreement in April.

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