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.