Occidental Petroleum

Occidental Petroleum has agreed to participate in a 2-year, USD 500 million exploration project in Abu Dhabi. Occidental will work with the state-owned Abu Dhabi National Oil Company (ADNOC) to explore for oil in the Hail and Ghasha offshore fields in the Arabian Gulf. The scope of work covers 3D seismic surveys, drilling of appraisal wells, and engineering studies for the fields’ development. ADNOC is the operator of the venture with 70% interest; Occidental holds 30% interest.