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Occidental wins exploration blocks from Libya, shares

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Top Web Hosting Occidental Petroleum Corp. won nine exploration blocks from Libya after U.S. trade sanctions were lifted which pushed shares of the oil company up in trading Monday.If you would like to receive late breaking news on stocks covered by AXcess News then you need to subscribe. By joining, you can stay ahead of the pack and receive the latest news in your email in-box first.Print This Page

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Web Hosting Companies Jan 31, 2005 (AXcess News) Dallas - Occidental Petroleum Corp. (NYSE: OXY) won nine exploration blocks from Libya after U.S. trade sanctions were lifted which pushed shares of the oil company up in trading Monday.Occidental's win over other international oil exploration and development companies marks the first round of Libya's licensing since U.S. sanctions were imposed by the oil-rich African country in 1986.The nine blocks awarded to Occidental and its partners cover an area in excess of 47,000 square miles.Occidental chairman Dr. Ray R. Irani was quoted as saying, "We are exceptionally pleased we've been awarded interests in nine of the 15 exploration blocks offered in this bid round and believe they have considerable potential."

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Web Site Design And Hosting Occidental is a member of the consortium that was named the winning bidder in four more offshore blocks. Occidental has a 35 percent interest. Woodside Petroleum Ltd., which will serve as operator, holds a 55 percent interest, and Liwa the remaining ten percent.

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Email Web Hosting Libya's National Oil Corporation (NOC) awarded Occidental Blocks 106 and 124 in the Sirte Basin, Blocks 131 and 163 in the Murzuk Basin and Block 59 in the Advertisement

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Web Hosting Plans Cyrenaica Basin. Occidental will be the operator and will hold a 90 percent working interest in these blocks. Liwa Energy will hold the remaining 10 percent interest. Liwa is owned by Mubadala Development, the investment and development company wholly owned by the Government of the Emirate of Abu Dhabi.

Web And Email Hosting Libya produces 1.6 million barrels per day and hopes to raise that number to 2.1 bpd by the end of the decade.Libya's prime minister Shokri Ghanem said major oil companies ExxonMobil (NYSE: XON) and BP (NYSE: BP) had shown an interest in bidding but that smaller competitors were more aggressive.

Web Hosting Compare Australia's Woodside Petroleum Ltd, a Canadian consortium grouping Vernex and Medco, United Arab Emirates' Liwa company, Brazil's Petrobras and Algerian oil and gas giant Sonatrach also won blocks."We were testing the water with medium-sized companies," said Ghanem. He also said the next bidding would take place in March.

Dedicated Server Web Hosting While Ghanem attributed the blocks won by the smaller rivals to more aggressive bidding, major producers were most likely more concerned with the African nation's abiding by its agreements with the U.S. and the European Union after sanctions were lifted.

Web Hosting Reviews The United States removed its embargo on Libya as a reward for giving up weapons of mass destruction last spring. The EU was quick to follow suit.

Web Domain Names Libya signed an agreement in 2003 accepting responsibility for the 1988 Lockerbie bombing of a Pan Am airliner over Scotland which killed 270 people. Tripoli agreed to civil compensation to victims families.Ghanem said Libya is likely to approve the return of the Oasis Group to its oil fields. The Oasis Group is made up of Amerada Hess, ConocoPhillips (NYSE: COP) and Marathon Oil Corp (NYSE: MRO).

Web Site Builder AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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