Occidental Petroleum Corporation's subsidiary, Oxy Oman, has secured a 15-year extension for its Exploration and Production Sharing Agreement (EPSA) with the Oman Government for onshore Block 53, located in south-central Oman. This agreement allows Oxy Oman to continue its operations at the Mukhaizna heavy oil field, a key asset in the region. The extension is expected to potentially increase resources by more than 800 million gross barrels through advanced drilling activities and enhanced oil recovery projects, including the use of AI to optimize steam flood patterns. The signing ceremony took place in Muscat on May 18, 2025, with representatives from both the Omani government and Occidental in attendance. This renewal underscores Oxy's commitment to operational excellence and its strong partnerships in Oman, contributing significantly to the country's national objectives.
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