Occidental Petroleum Signs Agreements in Libya

Source: www.gulfoilandgas.com 6/23/2008, Location: Africa

Occidental Petroleum Corporation announced the signing of the full 30-year agreements with the Libyan National Oil Company (NOC) to upgrade its existing petroleum contracts. Occidental Petroleum Chairman and Chief Executive Officer Dr. Ray R. Irani attended the signing ceremony with Libyan officials in Tripoli, Libya, and stated, "We believe these new agreements with NOC represent an important step toward Libya's goal of doubling oil production to more than 3 million barrels per day in the near future."

The new agreements, which cover fields with approximately 2.5 billion barrels of recoverable high-quality oil reserves, allow NOC and Occidental to design and implement major field redevelopment and exploration programs in the prolific Sirte Basin. After capital investment over the next five years of approximately $5 billion, gross production is expected to triple from current production to 300,000 barrels per day.


Algeria >>  8/4/2022 - An engineering, procurement, and construction contract with Sonatrach for the Tinrhert EPC2 Development Project in Algeria has been provisionally awar...
Egypt >>  4/28/2022 - In the context of the Suez Canal Authority's efforts to promote yacht tourism in the Canal region, H.E. Admiral Osama Rabie, Chairman of the Suez Cana...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.