Occidental Petroleum Corporation and Mubadala Development Company (Mubadala), through its business unit Mubadala Oil & Gas have signed a Development and Production Sharing Agreement (DPSA) with the National Oil and Gas Authority of Bahrain (NOGA) for the further development of the Bahrain Field. Under this agreement, a Joint Operating Company will be formed to serve as operator for the project under the DPSA.

Oxy will hold a 48-percent interest in the DPSA, with Mubadala holding a 32-percent interest and a subsidiary of NOGA holding the remaining 20 percent.

"We are pleased to expand upon our existing relationship with Abu Dhabi and look forward to working with Bahrain on this exciting project," said Dr. Ray R. Irani, Chairman and Chief Executive Officer of Occidental. "Signing this DPSA is another important step in the implementation of our growth strategy in the Middle East, and the further development of the Bahrain Field will create significant value for the people of Bahrain and for our shareholders."

"We are delighted with the successful conclusion of our joint negotiations with NOGA," said Khaldoon Khalifa Al Mubarak, Chief Executive Officer and Managing Director, Mubadala Development Company. "Our collaboration with Oxy is wholly in line with Mubadala's strategy of developing a top in class international oil and gas unit focused on exploration and development projects in the Middle East, North Africa, Central and South East Asia."

Tags: Mubadala Petroleum Services Company LLC, Occidental Petroleum Corporation