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Oxy sees major growth in US shale liquids

05/24/2010
Occidental Petroleum Corp. said it derives more than 25% of its California production from shales and that its California shale development program could become the company's largest business unit within 10 years.Oxy said the California shales, in formations it didn't name, contain predominantly oil and liquids and may be richer in hydrocarbon resources than many of the better-known US shales.The company owns at least 870,000 acres in California with strong potential for shale projects and which encompass a favorable thermal regime.Oxy said, "The company is undertaking a 4-year development program for its shale production. Program elements include appraisal of more than 15 identified...
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