Occidental Petroleum Corp and its partners will invest $1.5 billion over five years to boost production at a field in Bahrain, the Los Angeles company said Monday.

Occidental and Abu Dhabi’s Mubadala Development Co. will work with the National Oil and Gas Authority of Bahrain to increase production at the Bahrain Field.

Occidental announced Sunday it signed a deal to overhaul Bahrain’s Awali oilfield and raise output to 100,000 barrels of oil per day from the current 35,000 bpd. Occidental and its partners expect to have a 20-year development and production sharing agreement by the end of April.

“This project is a continuation of Oxy’s strategy for growth within the Middle East and consistent with our demonstrated corporate strength of employing improved and enhanced recovery techniques to maximize value from large, mature oil and gas fields,” Chief Executive Ray R. Irani said in a statement.

Shares of Occidental Petroleum were down 67 cents, or 1 percent, to $54.02 in morning trading on the New York Stock Exchange.