Occidental Invests in Saudi Arabia.Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Corp. of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. is one of nine international oil companies to sign natural gas exploration and infrastructure contracts with Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , the first significant foreign investments in the country's energy sector since it was nationalized by the government in 1975. The deals are expected to be worth more than $25 billion and involve the development of three natural gas fields This list of natural gas fields includes major fields of the past and present. N.B. Some of the items listed are basins or projects that comprise many fields (e.g. Sakhalin has three fields: Chayvo, Odoptu, and Arkutun-Dagi). in the kingdom and a number of related power plants, transmission pipelines and water desalinization projects. The Western companies will help Saudi Arabia convert its utilities from oil-burning to natural gas, which would free up more of the kingdom's crude oil for export, officials said. Saudi Arabia's state-owned energy company, Saudi Aramco Saudi Aramco, the state-owned national oil company of Saudi Arabia, is the largest oil corporation in the world and the world's largest in terms of proven crude oil reserves and production. , will be an equity owner in the projects. If the companies discover oil, they will be compensated and the fields will be repossessed by Saudi Arabia. Exxon Mobil Corp. and Royal Dutch/Shell will play the primary roles in the biggest projects. |
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