Last weekend, in my Market Forecast, I said, "For the new week, the market will start the week in a neutral position.  If SPX and Nasdaq can rise above their respective daily MAs, the market can rally higher.  The immediate resistance levels above the daily MAs are SPX 1080 and Nasdaq 2150.  Although VIX closed below 25, [...]

Recently, Occidental Petroleum Corp. (OXY) entered into a partnership to develop oil and natural gas fields in Bahrain. Occidental along with partners Mubadala Development Company (Mubadala) and the National Oil and Gas Authority of Bahrain (NOGA) formed a new joint operating company, Tatweer Petroleum-Bahrain Field Development Company, which will serve as the operator for the [...]

(OXY) Occidental Petroleum Inks Partnership in Bahrain

Recently, Occidental Petroleum Corp. (OXY) entered into a partnership to develop oil and natural gas fields in Bahrain. Occidental along with partners Mubadala Development Company (Mubadala) and the National Oil and Gas Authority of Bahrain (NOGA) formed a new joint operating company, Tatweer Petroleum-Bahrain Field Development Company, which will serve as the operator for the Bahrain field.
 
The company will operate under the Development and Production Sharing Agreement signed in April 2009 by all three partners, approved by the parliament of Bahrain in May 2009 and ratified by His Majesty King Hamad bin Isa Al Kalifa. Tatweer Petroleum will begin start operations in the Bahrain field immediately. The operating team would include individuals from the Bahrain Petroleum Company (Bapco), Occidental and Mubadala employees and few local employees.
 
Oil and natural gas production from the Bahrain field is expected to peak at 100,000 barrels per day and 2.5 billion cubic feet per day, respectively. As per the production agreement, Occidental holds a 48% stake, Mubadala holds 32% and NOGA holds the remaining.
 
The partnership is a win-win for both companies. For Occidental, Tatweer Petroleum is a key element in its growth strategy in the Middle East. For Mubadala, such joint operations are progress on its ambition to include Enhanced Oil Recovery projects as one of the key pillars of its investment strategy in the region.
Read the full analyst report on "OXY"
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BloggingStocks: I'm Reiterating my Buy rating for Occidental Petroleum (OXY), first recommended on April 27, 2009 at a price of $54.81. If you bought OXY in April, you're up an impressive 52%.Occidental, which focuses on oil and gas exploration and production and ... Read more

Exxon Mobil Corp. (XOM) and Royal Dutch Shell PLC (RDS-A) on Thursday won the right to develop Iraq’s West Qurna-1 oilfield. The agreement is the third such deal this year, which means Iraqi oil production could increase at a faster pace than previously expected and potentially lead to a drop in oil ...