Occidental's oil stake

Occidental's oil stake

NEW YORK (Opecna): Canadian Occidental Petroleum has announced the acquisition of a 26.7 percent working interest in production- sharing contracts for the Kai and Barakan blocks, in eastern Indonesia.

As part of the agreement, Occidental also had an option to acquire a 26.7 percent working interest in the adjacent Tanimbar and Rebi blocks, the company said in a press release.

This transaction provides Occidental with exposure to giant prospects along an unexplored mesozoic trend in the Arafura basin.

This trend has recently yielded major discoveries to the south in the Indonesian/Australian zone of cooperation and on the Indonesian island of Seram to the north.