Occidental Talks to Mubadala on $3 Billion Asset, PIW Says - Bloomberg:
"Occidental Petroleum Corp. (OXY) is in talks to sell a $3 billion stake in a gas field to Abu Dhabi-owned Mubadala Development Co., Petroleum Intelligence Weekly reported, without saying where it got the information.
The companies are discussing the sale of as much as 30 percent of the $10 billion Shah natural gas project in the United Arab Emirates, the newsletter reported. Two officials at Mubadala’s media department didn’t immediately respond to voice messages seeking comment. Melissa Schoeb, a spokeswoman for Occidental, declined to comment when contacted by e-mail.
Oxy, as the U.S. oil producer is known, is working with state-run Abu Dhabi National Oil Co. to develop the Shah field, with production to begin at the end of the year. The U.A.E. is tapping the reserve of sour gas, fuel with a high content of deadly sulfur dioxide, to meet domestic demand for the hydrocarbon used to run power plants and feed chemical facilities."
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