U.S. Oil Firm to Explore Offshore

Before anyone gets excited, the exploration won't be offshore from the U.S.

U.S.-based Occidental Petroleum Corp. will carry out new oil exploration in Bahraini territorial waters.

Dr. Abdul Hussain Mirza, minister of oil and gas authority, said the cost of the new discovery would range from $10- 20 million depending whether it is offshore or onshore.

"Oil exploration requires technical work which takes one to one and half years before it starts. The first oil well will be dug in 2010," Mirza was quoted as saying by the Bahrain News Agency.

It's nice to know that U.S. oil companies can find work exploring for oil in other people's back yards.