Occidental Petroleum Corp will boost its crude production in Oman by 50 percent to 150,000 barrels per day (bpd) in 2012, senior company executive Bill Albrecht said.
The fourth-largest U.S. oil and gas company currently produces from the Mukhaizna field in Oman.
The start-up of production in Bahrain and increased output from its development in Oman helped increase fourth-quarter sales volume by nearly 5 percent from the previous year.
In January, Occidental announced during its fourth-quarter financial report, that overall 2009 oil output rose 7 percent from 2008, and the company expects 2010 output to grow by 5 percent to 8 percent.
Occidental's fourth quarter realized oil price was $69.39 per barrel, up from $53.52 a year earlier. U.S. natural gas prices however, slipped to $4.37 per thousand cubic feet from $4.67.
The company is targeting $4.3 billion in 2010 capital expenditure, up from $3.6 billion last year. A quarter of the increase will go to California, and another quarter to Iraq, where Oxy has just signed a partnership deal.