The aggressive push of US independent Occidental Petroleum (Oxy) into the Permian Basin over the past decade (MEES, 11 November 2016) has resulted in the firm’s portfolio being increasingly US-dominated. Last year alone, 85% of its global crude output came from the US, alongside roughly 75% of gas production. A 14% surge in Permian output to a record 664,000 boe/d boosted the firm’s global output by 4% and that of gas by 12%, in both cases the highest level since 2020.
The firm has slimmed down its international portfolio, ditching positions in Bahrain, Yemen and Libya (MEES, 12 August 2016 & MEES, 10 February 2017) and focusing its slimmed-down international focus on Oman, Qatar, UAE and Algeria. In Qatar, the firm’s focus is on natural gas for export through the Dolphin pipeline to UAE and Oman. This follows Qatar’s 2019 takeover of Oxy’s share in the Idd al-Shargi oil fields, long the firm’s top international producer though output had dipped to 85,000 b/d (55,000 b/d net to Oxy) by the time of the sale. (CONTINUED - 1006 WORDS)
