Occidental Petroleum in talks to sell $3B gas stake to Mubadala

|About: Occidental Petroleum Corpo... (OXY)|By:, SA News Editor

Occidental Petroleum (NYSE:OXY) is in talks to sell as much as a $3B stake of the Shah natural gas field to Abu Dhabi-owned Mubadala Development.

The company is looking to individually sell several of its Middle East assets after it failed to cut 40% of its operations in the region earlier this year.

Separately, Occidental Petroleum is looking to sell part of its stake in Dolphin Energy, a joint venture that operates a pipeline transporting gas from Qatar to the UAE and Oman. Mubadala and Total (NYSE:TOT) are partners in the project.