UPDATE 1-Occidental forms partnership for Bahrain field

* JV with Bahrain oil authority, UAE company

* Production expected to start immediately

NEW YORK, Nov 10 (Reuters) - Occidental Petroleum Corp (OXY.N) said on Tuesday that it had formed a partnership to run a oil and natural gas field in Bahrain.

Tatweer Petroleum-Bahrain Field Development Co will operate under a production agreement between Occidental, the United Arab Emirates' Mubadala Development Co [MUDEV.UL] and the National Oil and Gas Authority of Bahrain.

The production agreement was first announced last spring. Tuesday's announcement puts in place the legal and corporate mechanism to operate the field.

Tatweer will begin operating Bahrain Field immediately, and oil production is expected to peak at 100,000 barrels per day with natural gas production of 2.5 billion cubic feet per day.

Under the terms of the production agreement, Los Angeles-based Occidental holds a 48 percent stake, with Mubadala holding 32 percent and the Bahrain oil and gas authority holding the rest.

Mubadala is technically a public company, but the Abu Dhabi government is its sole shareholder.

Shares of Occidental, which closed Monday at $83.05, have traded between $40.18 and $84.75 in the past 52 weeks. (Reporting by Ernest Scheyder; Editing by Lisa Von Ahn)