More than one-fourth of Oxy's worldwide oil and gas production comes from the Middle East/North Africa region, where the company has been an active investor for more than four decades. Oxy continues to develop opportunities in the region that meet its stringent standards for financial return.
Oxy is the second-largest oil producer in both Oman and offshore Qatar, and a partner in the giant Dolphin Project, the premier transborder natural gas project in the Middle East. One of region's largest energy initiatives, Dolphin supplies natural gas – produced from wells offshore Qatar, processed at Ras Laffan and transported through a 230-mile-long subsea export pipeline – to markets in the United Arab Emirates and Oman.
In Libya, Oxy's new 30-year agreements with the National Oil Corporation cover fields with approximately 2.5 billion barrels of recoverable high-quality oil reserves.* Oxy also is a leading holder of exploration acreage in Libya.
*The U.S. Securities Exchange Commission permits oil and gas companies in their fillings with the commission, to disclose only proved reserves demonstrated by actual production or conclusive formation tests to be economically producible under existing economic and operating conditions. We refer to"recoverable oil reserves" that the commission guidelines strictly prohibits us from using in our filings with it.