Occidental Petroleum Corp. has made a major...
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Occidental Petroleum Corp. has made a major oil find estimated at 600 million barrels that should convert Peru into a net exporter and guarantee supplies for 15 years, President Alan Garcia said. Garcia told reporters that Occidental had found the oil, 1 1/2 times the volume of Peru’s existing reserves, in Collpa in northeastern Ucayali province. The find, which brings Peru’s total oil reserves to 1 billion barrels, is worth $10 billion at existing prices, Garcia said.
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