Los Angeles-based Occidental Petroleum Corp. will partner with Abu Dhabi's International Petroleum Investment Co. in oil- and natural gas-related investments, Occidental announced on Monday.
The companies will "jointly evaluate and participate in development of upstream and downstream projects, both within and outside the Middle East region," according to an Occidental statement. "The decision to participate in any project is at the discretion of each company."
In oil company parlance, "downstream" refers to the refining and marketing of crude oil and selling of natural gas. "Upstream" deals with the exploration and production part of the business.
Occidental did not release information about specific possible projects.
The International Petroleum Investment Co. is wholly owned by the government of the Emirate of Abu Dhabi.
Occidental chief Dr. Ray R. Irani described the new deal as a " natural extension of our existing strategic partnership with Abu Dhabi." Current deals include the giant Mukhaizna field in Oman and an exploration joint venture in Libya.