Occidental will operate Block 54 and hold a 70% interest. The Block 54 contract area covers about 5620 square kilometres.
"We are very pleased to have this opportunity to further build our position in Oman,'' said Ray Irani, Occidental's chief executive.
"We believe the block has excellent exploration potential and, due to the close proximity to our existing infrastructure, could lead to significant operational synergies.''
Mubadala
