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Occidental will have a 30% share in an offshore exploration deal in Abu Dhabi

Occidental Petroleum (ticker: OXY) has agreed to a $500 million, two year offshore exploration deal in Abu Dhabi. OXY was one of eleven international oil companies invited to bid for rights to develop Abu Dhabi’s assets in 2012, reports Bloomberg.

Occidental will work with state-owned Abu Dhabi National Oil Co. (ADNOC) to explore the Hail and Ghasha offshore fields in the Persian Gulf. The Houston-based company will have a 30% share in the exploration project that runs through 2017, according to state-run WAM news agency. The agreement covers 3D seismic surveys, drilling of appraisal wells and conducting engineering studies necessary for the fields’ development.

Abu Dhabi, the largest sheikhdom in the United Arab Emirates, is seeking to increase oil production capacity to 3.5 MMBOPD by the end of 2017. Its current volume is 2.8 MMBOPD.

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.