U.S. oil giant Occidental Petroleum said Wednesday that it will invest 500 million U.S. dollars to develop two oil and gas fields in the United Arab Emirates' Abu Dhabi region.
The Los Angeles oil and gas exploration and production company said it will pay Abu Dhabi National Oil Co. for the rights to appraise and develop the Jarn Yaphour and Rahman oil and gas fields. It will operate both fields and hold 100 percent of the output.
"This is an important step in the implementation of our growth strategy and in our relationship with the Emirate of Abu Dhabi," Ray Irani, chief executive of Occidental, said in a statement.
First production from Jarn Yaphour, located onshore near the Middle East country's capital city of Abu Dhabi, is expected in 2009, while production at Rahman, located in shallow water near Occidental's Abu Dhabi refinery, could begin as early as 2011, according to the company.
Source:Xinhua
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