Occidental and IPIC Sign Co-Operation Agreement

Integrated energy firm Occidental Petroleum has signed an agreement with Abu Dhabi-based International Petroleum Investment Company for joint participation in hydrocarbon-related investments.

The agreement between Occidental Petroleum and International Petroleum Investment Company (IPIC), which is wholly owned by the government of the Emirate of Abu Dhabi, provides for the companies to jointly evaluate and participate in the development of upstream and downstream projects both within and outside the Middle East region. The decision to participate in any project is at the discretion of each company.

Ray Irani, chairman and CEO of Occidental Petroleum, said: “This agreement is a natural extension of our existing strategic partnership with Abu Dhabi which currently includes the highly successful Dolphin project, development of the giant Mukhaizna field in Oman and an exploration joint venture in Libya.”