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FinancialNews


  • 12-04-10

    Occidental to increase Oman's oil output by 50%

    (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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