By OGJ editors
HOUSTON, Feb. 24 -- Occidental Petroleum Corp. reported additions to proved reserve from all sources of 380 million boe in 2005, when production totaled 199 million boe.
The company's consolidated reserves-to-production index, assuming production at the 2005 level, was 13.4 years as of Dec. 31, 2005.
Occidental's worldwide proved reserves totaled 2.66 billion boe at yearend 2005, compared with 2.49 billion boe at yearend 2004.
Following the closing of the Vintage Petroleum Inc. acquisition, Oxy's consolidated pro-forma proved reserves, excluding 72 million boe of Vintage reserves held for sale, came to 3.01 billion boe (OGJ, Nov. 21, 2005, p. 35).
Occidental executives plan to grow production by 5-7%/year for 5 years. The company's base production outlook for 2010 is 700,000-785,000 boe/d.
Growth is expected to come from Argentina assets acquired from Vintage, the Dolphin gas project in Qatar and the UAE, the Mukhaizna enhanced oil recovery project in Oman, and from Libya.
