Occidental Launches Renewed Mid-East Push, Targets 2021 Volumes

Oxy is pressing ahead with development of its newly streamlined Mideast portfolio, targeting first output from its new Oman assets in 2021 followed by Abu Dhabi in 2022.

A renewed focus on Oman and Abu Dhabi has revitalized the Middle East portfolio of US independent Occidental (Oxy). Having trimmed the fat from 2013-17, the US firm has embarked on a tightly focused expansion drive, with its most recent acquisition being an onshore exploration block in Abu Dhabi that it secured last week ( MEES, 8 February ).

Oxy now has a swathe of contiguous assets stretching across northern Oman that reaches to within around 60km of its new Abu Dhabi asset – Onshore 3 (see map). The firm’s leadership expects to capitalize on its “best in class” regional geological knowledge.

Oxy’s tightly focused regional presence is set to grow even more geographically concise this year. Having ditched its Libya, Bahrain, Iraq and Yemen assets in 2016 ( MEES, 11 November 2016 ), Oxy was then itself jilted by Qatar last year. Qatar Petroleum announced in October that it will take over Oxy’s 95,000 b/d Idd al-Sharghi North Dome (ISND) field once the firm’s contract expires this October ( MEES, 19 October 2018 ). Oxy will separately relinquish the field’s 4,000 b/d south dome (ISSD) when that contract expires in 2022 ( MEES, 9 November 2018 ). (CONTINUED - 1307 WORDS)

DATA INSIDE THIS ARTICLE

chart 1: Mena Share Of Oxy’s Global Oil Output Falls Amid Lower Volumes, Rising Us (Net, '000 B/D)"
chart 2: Mena Share Of Oxy's Global Gas Output Dips As Us Output Surges (Net, Mn B/D)