American independent Occidental (Oxy) recorded a 20% quarter-on-quarter jump in net crude output in Oman during the second quarter of this year. The 66,000 b/d net output is the highest figure since 4Q 2020.
During the firm’s 7 August earnings call, CFO Sunil Mathew mentioned “the net production uplift in Oman from the Mukhaizna contract extension” as a reason for the firm outperforming its guidance. Oxy recently signed a 15-year extension deal out to 2050 under which it will spend $30bn to develop 800mn barrels at the Mukhaizna heavy oil field in Block 53 (Oxy 47%, OQEP 20%, Liwa Energy 15%, Indian Oil Corp 17%, PTTEP 1%) (MEES, 9 May). (CONTINUED - 207 WORDS)