Oxy wins $500m Abu Dhabi exploration deal

10 February 2015

Company to assist Adnoc in technical evaluation of Hail and Ghasha offshore oil fields

US-based Occidental Petroleum (Oxy) has been awarded a $500m contract by Abu Dhabi to carry out exploration on the emirate’s offshore Hail and Ghasha oil fields.

Oxy will cooperate with Abu Dhabi National Oil Company (Adnoc) on activities including 3D seismic surveys, drilling of appraisal wells and conducting of engineering studies necessary for the fields’ development.

It is expected to take two years to carry out the technical evaluation of the two fields, according to the official Emirates News Agency (Wam).

Saoud Mubarak al-Mehairbi, Adnoc’s exploration manager, said Oxy would provide manpower support and organise training courses for Adnoc staff focusing on selected areas such as geology and technical areas.

Oxy has interest in several assets in the UAE, including the recently completed $11bn Shah sour gas development and Dolphin Energy, which operates a gas export pipeline between Qatar and the UAE.

The US firm is also in contention for a stake in Abu Dhabi’s giant onshore oil field concession.

Oxy is reportedly in talks to sell its Oman upstream oil assets to state-owned Oman Oil Company.

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