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The CEO of Occidental Petroleum (Oxy) has said that the company is in talks with Mubadala regarding the Abu Dhabi sovereign wealth fund taking a stake of the US oil giant’s share of the US$10 billion Zubair field in Iraq.
Ray Irani made the revelation during a conference call to discuss Oxy’s third-quarter earnings, but declined to give an exact figure.
“We’re going to share part of our share probably with Abu Dhabi and there may be others coming along,” Reuters quoted Irani as saying.
Last week ArabianOilandGas.com reported that the 6.6 billion barrel reserve Zubair field had been awarded to a consortium led by the Italian supermajor Eni that included Oxy and South Korea’s Kogas by the Iraq oil Ministry.
Eni’s CEO Paul Scaroni said that the field required around $10 billion of investment if it was to achieve its production target of 1.125 million barrels of oil per day. It is believed that Oxy would have to find around 25% to 30% of that figure.
If Mubadala does decide to share Oxy’s commitment it will not be the first time that the two companies have joined forces. Earlier this year it was reported that they had signed a production sharing agreement for Bahrain’s Awali field.
