Occidental Petroleum has signed a partnership agreement to jointly develop a $10 billion natural gas field project in the United Arab Emirates, firming up a deal announced earlier in the year.
Los Angeles-based Oxy agreed to develop the Shah gas field with government-run Abu Dhabi National Oil Company in January. The companies said at the time only that they had agreed in principle to the deal.
Emirates state news agency WAM announced the formal signing of the partnership agreement Thursday. It says the field should begin production in 2014.
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