(Source: PrimeNewswire)
LOS ANGELES, Nov. 10, 2009 (GLOBE NEWSWIRE) -- Occidental Petroleum Corporation (NYSE:OXY), Mubadala Development Company (Mubadala) and the National Oil and Gas Authority of Bahrain (NOGA) announced the creation of a new joint operating company, Tatweer Petroleum-Bahrain Field Development Company (Tatweer Petroleum), which will serve as the operator for the Bahrain Field. The company will operate under the Development and Production Sharing Agreement signed in April 2009 by all three partners, approved by the Bahraini parliament in May 2009 and ratified by His Majesty King Hamad bin Isa Al Kalifa.
Tatweer Petroleum will begin production and development activities immediately with its team largely comprised of individuals from the Bahrain Petroleum Company (Bapco), in addition to employees from Oxy and Mubadala. The company also plans to hire additional local employees.
"We are delighted to be part of this new joint operating company, Tatweer Petroleum. We believe the further development of the Bahrain Field will greatly benefit Bahrain and its citizens," said Dr. Ray R. Irani, Chairman and Chief Executive Officer of Occidental. "Tatweer Petroleum further expands our presence in the region and is a key element of our growth strategy for the Middle East."
"We are pleased to begin joint venture operations with our partners," said Khaldoon Khalifa Al Mubarak, Chief Executive Officer and Managing Director, Mubadala Development Company. "This investment is aligned with Mubadala Oil and Gas's ambition to include Enhanced Oil Recovery projects as one of the key pillars of its investment strategy in the MENA region."
"The development and production sharing agreement with Occidental and Mubadala represents a paradigm shift for the oil industry in Bahrain. The revitalization of one of the longest producing oil fields in the world is the cornerstone for fueling the economic diversification plans set by the political leadership in Bahrain and will bring added prosperity and opportunity to the whole nation," said His Excellency Dr. Abdul Hussain Bin Ali Mirza, Minister of Oil and Gas Affairs and Chairman of the National Oil and Gas Authority, (NOGA).
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.
