Occidental Mukhaizna LLC (Oxy Oman), the leading independent oil and gas producer in Oman and subsidiary of Occidental (Oxy), has signed a 15-year extension of its Exploration and Production Sharing Agreement (EPSA) for the onshore Block 53 in south-central Oman, where it operates the world-class Mukhaizna heavy oil field.

Under the terms of the amended EPSA, Oxy Oman and its partners believe they can potentially grow resources by more than 800 million gross barrels through drilling activities and enhanced oil recovery projects across various reservoirs, as well as using AI applications to optimize steam flood patterns to boost hydrocarbon recovery.

The signing ceremony was held in Muscat on 18 May 2025. HE Salim bin Nasser Al Aufi, Minister of Energy & Minerals and Vicki Hollub, President and Chief Executive Officer of Oxy signed the amendment to the EPSA on behalf of their respective organizations. The signing event was attended by senior officials from the Ministry of Energy & Minerals, and senior executives from Oxy including Mr. Kenneth Dillion, Senior Vice President and President, International Oil and Gas Operations, and Mr. Steven Lauver, President and General Manager for Oxy Oman.

“I am pleased to be here in Oman with His Excellency minister Salim bin Nasser Al Aufi to sign this 15-year extension, which we believe will continue to deliver significant value to all stakeholders while closely supporting Oman's national objectives,” said President and Chief Executive Officer Vicki Hollub. “We’re proud of the deep roots, strong relationships, and mutually beneficial partnerships we’ve built in Oman over the past several decades. These partnerships have been central to our shared success, including recent exploration achievements and that momentum continues to build.”

Since assuming operations in 2005, Oxy has substantially increased production in the Mukhaizna field while maintaining a strong commitment to operational excellence, environmental stewardship, and community engagement. To date, Oxy Oman produced over 640 million barrels and operates 3,500 wells in the block. The Block 53 consortium consists of Oxy Oman as the designated operator, OQEP, Indian Oil Corporation, Liwa Energy Limited and PTTEP.

About Oxy Oman

Oxy Oman is a wholly owned subsidiary of Oxy, an international oil and gas exploration and production company. Oxy has been producing in Oman for 40 years, where it has steadily increased production and reserves and is honored to partner with the Government of Oman. Today, Oxy is the largest independent oil producer operating in the country, covering more than 6 million gross acres. Oxy’s major operations are located in northern Oman, primarily in Safah and Wadi Latham Fields in Block 9, Khamilah Field in Block 27, and in Block 62, where we operate the Muradi Huraymah gas plant, and in south-central Oman in Block 53 at Mukhaizna Field. Oxy is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility throughout its worldwide operations.

About Occidental

Occidental (NYSE: OXY) is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world.