BUSINESS BRIEFING / OIL
Occidental Petroleum Corp. of Westwood and Abu Dhabi investment arm Mubadala Development Co. signed an interim agreement with Bahrain’s National Oil and Gas Authority to form a joint venture to increase production from the Bahrain oil field.
Spending on the project during the first five years may reach $1.5 billion, with oil production to rise to more than 100,000 barrels of oil a day and gas output to “significantly increase” above the current 1.5 billion cubic feet a day, Occidental and Mubadala said.
Occidental said the partners expected to sign a 20-year development and production-sharing agreement in April.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.