US giant Occidental Petroleum has drilled a near-field exploration well in Oman’s onshore Block 65, delivering an impressive 6000 barrels of oil equivalent per day on a production test, said chief executive Vicki Hollub.
On Tuesday, Goldman Sachs analysts raised Occidental Petroleum (NYSE:OXY) to Buy from Neutral with an $81 per share price target.
Warren Buffett’s company has now bought up more than $11 billion worth of Occidental Petroleum stock this year to give Berkshire Hathaway control of more than 20% of the oil producer
Italy’s Eni, US major Occidental, France’s Total and the Algerian group Sonatrach signed a $4 billion oil and gas production-sharing contract Tuesday for the Berkine field in the country’s southeast.
According to Tullow Oil, the cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet.