US independent Occidental (Oxy) is considering selling its Mideast assets. Even if Oxy fails to follow through on such plans, recently floated by CEO Steve Chazen, talk of this as an option may negatively impact its chances of success in ongoing attempts to secure a stake in Abu Dhabi’s ADCO concession. ADCO operates the emirate’s main producing onshore fields. MEES learns that Mr Chazen is visiting the UAE next week.
During two recent investor conferences – one organized by UBS bank, and one by US financial services firm Raymond James – Mr Chazen told investors it may sell assets to return value to shareholders. He repeatedly gave one scenario as selling its Middle East business. MEES reported on 17 May that former Executive Chairman Ray Irani’s leaving the company, and the opportunities provided by North America’s oil boom, may move its focus away from the Middle East. (CONTINUED - 1238 WORDS)