Occidental Predicts Yearly Production Boost

Occidental Petroleum Corp. projected that oil and gas production would rise 5% to 7% annually over the next five years, its first output estimate through 2010.

Production will possibly amount to the equivalent of as many as 785,000 barrels of oil a day by 2010, Occidental said.

The forecast is based on planned projects in Qatar, Argentina and other countries. Production could be increased more by exploration successes, better oil recovery or acquisitions, the Westwood company said.

Occidental is benefiting from growth in its Middle East business as well as its $4.1-billion, January acquisition of Vintage Petroleum Inc. of Tulsa, Okla.