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Plans to quit its Gulf assets appear to be just a distant memory for US mini-major Occidental, which used its Q3 results this week to reaffirm a commitment to “core assets” in the region.
Oxy President of Oil and Gas Vicki Hollub says the firm will “focus on core assets in Abu Dhabi, Qatar and Oman” while evaluating non-core assets in the Middle East “with the objective of minimizing our activity and exposure”. These non-core assets are in Yemen, Bahrain, Libya and Iraq, she told the firm’s 28 October conference call.
Oxy had previously sought to divest assets across the Middle East in 2014 – including in the UAE and Oman (MEES, 6 March). The US mini-major will now look to raise approximately $600mn from the sale of acreage in the US Bakken formation’s Williston Basin, CEO Stephen Chazen says. This would make Oxy one of the largest operators to pull out of the Bakken since crude oil prices fell in late 2014. The sale will enable Oxy to focus more on its core assets in the Permian basin as well as the Middle East, Mr Chazen says.
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