CALGARY (AFX) - Calvalley Petroleum Inc. has struck a deal to sell 500,000 barrels of Marib light oil to a subsidiary of U.S.-based Occidental Petroleum Corp. in August from the Ras Isa terminal in the Red Sea near Yemen.
The Calgary-based junior energy firm said Monday the sale involves the participation of its joint-venture partners, including subsidiary Calvalley Petroleum (Cyprus) Ltd., Hoodoil Ltd. and Reliance Industries Ltd.
Financial terms of the agreement were not released.
'The sale represents the portion of the production that accrues to the Yemen Block 9 joint-venture partners and is net of the Yemen government royalties and the portion of the profit oil attributable to the Yemen government and the Yemen Oil and Gas General Co.,' Calvalley said in a release.
Occidental shares rose $3.29, or 3.4 percent, to $100 on New York Stock Exchange.
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