Information  X 
Enter a valid email address

Occidental Petrl. (OCP)

  Print   

Tuesday 29 April, 2003

Occidental Petrl.

Re Agreement

Occidental Signs Natural Gas Supply Agreement With Oman

LOS ANGELES, April 29, 2003 (PRIMEZONE) -- Occidental Petroleum
Corporation (NYSE:OXY) announced today an agreement to sell 120 to 130
million gross cubic feet of natural gas per day from its Block 9
operations in Oman to the Omani Government beginning mid-year 2004.  As
the operator of Block 9, with a 65 percent working interest, Occidental
will add approximately 10,000 barrels of oil equivalent per day to its
worldwide production when this project becomes fully operational.
Mitsui holds the remaining 35 percent interest.

"The agreement with the Oman government gives us the opportunity to
monetize the value of previously stranded gas associated with oil
production from our operations in that country," said Dr. Ray R. Irani,
Occidental's chairman and chief executive officer.  "The project, which
has added 150 billion cubic feet of proven natural gas reserves to
Occidental's worldwide reserves base, could pave the way for new
exploration opportunities in Oman to meet the growing domestic demand
for gas."

Statements in this presentation that contain words such as "will" or
"expect," or otherwise related to the future, are forward-looking and
involve risks and uncertainties that could significantly affect expected
results.  Factors that could cause results to differ materially include,
but are not limited to: global commodity pricing fluctuations, and
supply/demand consideration, for oil, gas and chemicals; higher-than-
expected costs; and not successfully completing (or any material delay
in) any expansion, capital expenditure, acquisition, or disposition.
Occidental disclaims any obligation to update any forward-looking
statements.

-0-
CONTACT:   Occidental Petroleum Corporation
           Lawrence P. Meriage (media)
           (310) 443-6562

           Kenneth J. Huffman (investors)
           (212) 603-8183
           On the web: www.oxy.com
                         

a d v e r t i s e m e n t