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Occidental Petroleum Announces Agreement on Further Development of the Idd El Shargi North Dome Field, Offshore Qatar

  Occidental Petroleum Announces Agreement on Further Development of the Idd
  El Shargi North Dome Field, Offshore Qatar

Business Wire

LOS ANGELES -- July 15, 2013

Occidental Petroleum Corporation (NYSE: OXY) announced today that its wholly
owned subsidiary Occidental Petroleum of Qatar Ltd. (Oxy Qatar) and Qatar
Petroleum have agreed on the Phase 5 Field Development Plan (FDP) of the Idd
El Shargi North Dome Field (ISND), offshore Qatar. The ISND Phase 5 FDP has
been prepared in close cooperation between Oxy Qatar and Qatar Petroleum as
part of the continued development of ISND under the Development and Production
Sharing Agreement (DPSA) between the Government of the State of Qatar and Oxy
Qatar, which was entered into in July 1994. The work has already begun and
will continue to sustain oil production levels at about 100,000 barrels/day
through the next six years.

The ISND Phase 5 FDP includes specific activities identified from upgraded
reservoir simulation models to implement and/or improve water-flooding
practices in all oil producing reservoirs. During implementation of the ISND
Phase 5 FDP, Qatar Petroleum and Oxy Qatar will strive to improve the ultimate
recovery in all existing contract reservoirs by continuing to work closely
together to further optimize long-term production and recoverable reserves.

The ISND Phase 5 FDP comprises drilling over 200 additional production, water
injection and water source wells, plus the installation of associated
facilities required to support the additional wells. Added facilities will
include minimum facilities platforms, wellhead jackets, fluid processing
equipment and pipeline debottlenecking and water source projects. In addition,
pilot studies to support Produced Water Re-Injection and Enhanced Oil Recovery
projects will be implemented. The development activities are expected to
constitute an aggregate investment exceeding $3 billion.

Oxy Qatar, under separate contractual arrangements, also operates the Idd El
Shargi South Dome Field (ISSD) and the Al Rayyan Field in Block 12, and is a
partner in Dolphin Energy.

                                  About Oxy

Occidental Petroleum Corporation is an international oil and gas exploration
and production company with operations in the United States, Middle East/North
Africa and Latin America regions. Oxy is one of the largest U.S. oil and gas
companies, based on equity market capitalization. Oxy's wholly owned
subsidiary, OxyChem, manufactures and markets chlor-alkali products and
vinyls. Oxy is committed to safeguarding the environment, protecting the
safety and health of employees and neighboring communities and upholding high
standards of social responsibility in all of the company's worldwide
operations.

                          Forward-Looking Statements

Portions of this press release contain forward-looking statements and involve
risks and uncertainties that could materially affect expected results of
operations, liquidity, cash flows and business prospects. Factors that could
cause results to differ materially include, but are not limited to: global
commodity pricing fluctuations; supply and demand considerations for
Occidental’s products; higher-than-expected costs; not successfully
completing, or any material delay of, field developments, capital expenditures
or efficiency projects; lower-than-expected production from development
projects; general economic slowdowns; political conditions and events;
inability to attract trained engineers; or litigation. Words such as
"estimate", "project", "predict", "will", "would", "should", "could", "may",
"might", "anticipate", "plan", "intend", "believe", "expect", "aim", "goal",
"target", "objective", "likely" or similar expressions that convey the
prospective nature of events or outcomes generally indicate forward-looking
statements. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this release. Unless legally
required, Occidental does not undertake any obligation to update any
forward-looking statements, as a result of new information, future events or
otherwise. Material risks that may affect Occidental’s results of operations
and financial position appear in Part 1, Item 1A "Risk Factors" of the 2012
Form 10-K. Occidental posts or provides links to important information on its
website at www.oxy.com.

Contact:

Occidental Petroleum Corporation
Media:
Melissa E. Schoeb
310-443-6504
melissa_schoeb@oxy.com
or
Investors:
Chris Stavros
212-603-8184
chris_stavros@oxy.com
On the web: www.oxy.com