LOS ANGELES, July 10, 2007 (PRIME NEWSWIRE) -- Occidental Petroleum Corporation (NYSE:OXY) announced today that the giant Dolphin Project, one of the largest energy projects ever to be undertaken in the Middle East, is fully operational and delivering natural gas from its own production wells to customers in the United Arab Emirates. Deliveries to customers in Oman are expected to begin in the near future resulting in a unique regional gas grid.
"We are honored to be a part of this landmark project which will produce benefits for many years to come and is the foundation of a business enterprise that will continue to lead to additional opportunities in the region," said Dr. Ray R. Irani, Occidental's Chairman, President and Chief Executive Officer.
"We congratulate the leadership of Abu Dhabi and Qatar on this historic occasion and commend them for their vision and dedication to the successful completion of this world-class energy development," said Dr. Irani.
The Dolphin Project produces natural gas from the North Field offshore Qatar, the world's largest single gas reservoir. A 48-inch, 370 kilometer (230 mile) subsea pipeline, transports the natural gas from one of the world's largest natural gas processing plants in Ras Laffan to the Taweelah receiving facility in the UAE.
Initial Dolphin Project production is expected to ramp-up throughout the balance of the year, approaching two billion cubic feet per day by year-end.
Beginning in early 2008, Oxy's net share of production is expected to be in the range of 60,000 to 65,000 barrels of oil equivalent per day and remain in that range for the foreseeable future. The project is structured to generate a steady stream of cash and earnings to Oxy for the next 25 years. Oxy was awarded its 24.5 percent interest in the Dolphin Project by Abu Dhabi in 2002.
About Oxy
Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Occidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.
Forward-Looking Statements
Statements in this release that contain words such as "will," "expect" or "estimate," or otherwise relate 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: exploration risks such as drilling of unsuccessful wells, global commodity pricing fluctuations and supply/demand considerations for oil, gas and chemicals; higher than expected costs; political risks; changes in tax rates; unrealized acquisition benefits or higher than expected integration costs; and not successfully completing (or any material delay in) any expansion, capital expenditure, acquisition or disposition. You should not place undue reliance on these forward-looking statements which speak only as of the date of this release. Unless legally required, Occidental does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise. U.S. investors are urged to consider carefully the disclosure in our Form 10-K, available through 1-888-699-7383 or at www.oxy.com. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.