After geopolitical rumblings within the GCC torpedoed Occidental’s plans to sell off its non-core Middle East assets to a consortium of Qatari, Emirati and Omani firms, Oxy is now set to sell stakes in its most prized regional chess pieces.
Abu Dhabi’s state-owned Mubadala Petroleum is set to buy a 30% stake in Al Hosn Gas, which is developing the ultra-sour Shah gas field in southwestern Abu Dhabi, leaving US mini-major Occidental Petroleum (Oxy) with 10%. Mubadala is also preparing to buy a share of Oxy’s 24.5% stake in Dolphin Energy, which has upstream gas assets in Qatar, in addition to a 3.2bn cfd pipeline connecting Qatari gas resources to the UAE and Oman. Mubadala’s move will see it team up for the first time with fellow Abu Dhabi state firm ADNOC, which owns the remaining 60% share of Hosn. (CONTINUED - 800 WORDS)