Oxy eyes Middle East double play

US independent Occidental Petroleum expects to win at least two Middle East energy projects in 2007, the company said today.
“We expect to announce success in winning at least two high-potential projects in the Middle East and North Africa this year,” said Stephen Chazen, a senior executive vice president and chief financial officer at the company, at the Howard Weil Energy Conference in New Orleans today, Reuters reported.
Chazen did not elaborate on the nature of the projects.
He also told analysts that Occidental Petroleum expects the start-up of the Dolphin Project in the United Arab Emirates (UAE) around mid-year.
The $3.5 billion pipeline from Qatar to the UAE is the first cross-border gas line in the Gulf Arab region.
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Dolphin would transport up to 3.5 billion cubic feet per day of natural gas to the UAE.
Occidental holds a 24.5% stake in the project, as does France’s Total , while Abu Dhabi government-run Mubadala Development Company owns 51%.

(Upstream Online)


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