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Occidental Petroleum Corp., the fourth-biggest U.S. oil producer by market value, is drilling exploratory wells in California in a bet that deposits there hold hundreds of millions of barrels of crude.
Occidental is counting on prospects near Long Beach and in other parts of the state to drive “meaningful” reserves and output growth in the next decade, chief executive Ray Irani said. The company will drill 20 exploratory wells this year on sites ignored by rivals that quit searching California in the 1970s in favor of the North Sea and South America.
Occidental is the biggest oil producer in Texas.
