Occidental Petroleum Announces Agreement on Further Development
of the Idd El Shargi North Dome Field, Offshore Qatar

Los Angeles, July 15, 2013

Occidental Petroleum Corporation (NYSE: OXY) announced today that its wholly owned subsidiary Occidental Petroleum of Qatar Ltd. (Oxy Qatar) and Qatar Petroleum have agreed on the Phase 5 Field Development Plan (FDP) of the Idd El Shargi North Dome Field (ISND), offshore Qatar. The ISND Phase 5 FDP has been prepared in close cooperation between Oxy Qatar and Qatar Petroleum as part of the continued development of ISND under the Development and Production Sharing Agreement (DPSA) between the Government of the State of Qatar and Oxy Qatar, which was entered into in July 1994. The work has already begun and will continue to sustain oil production levels at about 100,000 barrels/day through the next six years.

The ISND Phase 5 FDP includes specific activities identified from upgraded reservoir simulation models to implement and/or improve water-flooding practices in all oil producing reservoirs. During implementation of the ISND Phase 5 FDP, Qatar Petroleum and Oxy Qatar will strive to improve the ultimate recovery in all existing contract reservoirs by continuing to work closely together to further optimize long-term production and recoverable reserves.

The ISND Phase 5 FDP comprises drilling over 200 additional production, water injection and water source wells, plus the installation of associated facilities required to support the additional wells. Added facilities will include minimum facilities platforms, wellhead jackets, fluid processing equipment and pipeline debottlenecking and water source projects. In addition, pilot studies to support Produced Water Re-Injection and Enhanced Oil Recovery projects will be implemented. The development activities are expected to constitute an aggregate investment exceeding $3 billion.

Oxy Qatar, under separate contractual arrangements, also operates the Idd El Shargi South Dome Field (ISSD) and the Al Rayyan Field in Block 12, and is a partner in Dolphin Energy.

About Oxy
Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Oxy is one of the largest U.S. oil and gas companies, based on equity market capitalization. Oxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. Oxy is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations

Occidental Petroleum Corporation press release