OXY Secures 15-Year Extension for Block 53 Operations in Oman, Aiming to Boost Oil Recovery

Reuters

2025/05/20

OXY Secures 15-Year Extension for Block 53 Operations in Oman, Aiming to Boost Oil Recovery

Occidental Petroleum Corporation's subsidiary, Oxy Oman, has secured a 15-year extension for its Exploration and Production Sharing Agreement (EPSA) with the Oman Government for onshore Block 53, located in south-central Oman. This agreement allows Oxy Oman to continue its operations at the Mukhaizna heavy oil field, a key asset in the region. The extension is expected to potentially increase resources by more than 800 million gross barrels through advanced drilling activities and enhanced oil recovery projects, including the use of AI to optimize steam flood patterns. The signing ceremony took place in Muscat on May 18, 2025, with representatives from both the Omani government and Occidental in attendance. This renewal underscores Oxy's commitment to operational excellence and its strong partnerships in Oman, contributing significantly to the country's national objectives.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. OXY - Occidental Petroleum Corporation published the original content used to generate this news brief on May 19, 2025, and is solely responsible for the information contained therein.

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While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. OXY - Occidental Petroleum Corporation published the original content used to generate this news brief on May 19, 2025, and is solely responsible for the information contained therein.</span></em>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4201","symbol_name":"综合性石油与天然气企业","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250519:nNDL6JnF8t:1","article_id":"2536631834","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2536631834","pubTimestamp":1747674127,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"Occidental Petroleum Corporation's subsidiary, Oxy Oman, has secured a 15-year extension for its Exploration and Production Sharing Agreement  with the Oman Government for onshore Block 53, located in south-central Oman. 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