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.