Friday, July 24, 2009

Occidental Moves Fast, Keeps Mum on Oil Discovery

As new details emerged Thursday about Occidental Petroleum Corp.'s discovery of a large new oil field in Kern, local oilmen voiced optimism that the find could stimulate local drilling work -- including among independents hoping to strike it rich.
Oil producers anxious to learn the field's location still had little to go on, though a spokesman for Chevron, indicated late Thursday that it's in western Kern County. Chevron owns a 20 percent stake in the find. Earlier in the day, Los Angeles-based Oxy suggested that it plans to move quickly to tap the field, drilling an additional 17 wells (costing roughly $4 million apiece) this year.....Complete Story

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