Occidental Agrees to $500 Million Oil Exploration in UAE - Bloomberg Business:
"Occidental Petroleum Corp., one of 11 international oil companies invited to bid for rights to develop Abu Dhabi’s largest onshore fields, agreed to a $500 million exploration project in the emirate over two years.
Occidental will work with Abu Dhabi National Oil Co., the state-owned crude producer known as Adnoc, to explore for oil at the Hail and Ghasha offshore fields in the Persian Gulf, Adnoc said in a statement distributed by the WAM state news agency. The Houston-based company would have a 30 percent share in the exploration project that runs through 2017, Adnoc said.
Occidental, the second-largest independent U.S. oil producer, declined to comment when contacted Tuesday by Bloomberg."
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