Indonesia Needs $34B in Annual Investment in Oil

- Indonesia Needs $34B in Annual Investment in Oil

Monday, May 16, 2011
Asia Pulse Pte Ltd

Indonesia needs up to Rp290 trillion (US $34 billion) in new investment in the oil and gas sector per year to prevent further decline in the country's oil output.

Shrinking production lately has been caused by a number of factors such as delay in investment for explorations for new reserves, analysts said.

Most of the producing oil field have been too old with production shrinking 12 percent per year, Sammy Hamzah, vice president of the Indoensian Petroleum Association said.

In addition, 70 percent of the production facilities have been told that that frequency of unplanned shutdown is higher, Sammy told the newspaper Investor Daily.

(C) 2011 Asia Pulse Pte Ltd.

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Oxy Reviews 2010 Progress at Annual Meeting

Oxy Reviews 2010 Progress at Annual Meeting

Friday, May 06, 2011
Occidental Petroleum Corp.

Occidental Petroleum Corp. Executive Chairman Ray R. Irani and Oxy President and Chief Executive Officer Stephen I. Chazen reported the company's 2010 operational, financial and long-term achievements at the company's annual stockholders' meeting Friday in Santa Monica, California.

"Today marks a noteworthy moment for the future of the company. As announced last October, consistent with the Board's long-established succession plan, Steve Chazen was elected as President and Chief Executive Officer. I will continue as full-time Executive Chairman. The Board believes that Occidental will benefit from the continuation of our long and successful partnership," said Irani.

"For 17 years I have had the pleasure of working with Steve. He is widely recognized as one of the best financial minds in the industry. Steve has served in a number of important posts at Oxy, from head of business development, to Chief Financial Officer, to President and Chief Operating Officer."

Chazen noted, "Ray and I have worked side by side during these years. Oxy's achievements have been impressive: record profits, record market capitalization, recurring increases in production, significant reserve replacement, high credit ratings, and a very strong performance in total shareholder return. Oxy's cumulative stockholder return was 914 percent over the past 10 years. It has been a challenging and successful past and we now look forward to a challenging and even more successful future."

In reviewing Oxy's 2010 performance, Irani said, "Oxy delivered record production, a strengthened asset base and solid profitability in 2010, building value for our stockholders while positioning the company for continued growth and top-tier performance."

Oxy increased worldwide production by 5 percent in 2010 to a company-record of 753,000 barrels of oil equivalent (BOE) per day. In addition, the company replaced 150 percent of its production in 2010, adding a total of 409 million BOE in proved reserves.

Oxy ended 2010 with