On Monday, Bloomberg News sourced some sources in reporting that US energy producer Occidental Petroleum is currently reviewing its Middle Eastern assets to assess the possibility to ease its debt load.
The company is said to be considering reducing its shares in Oman’s oil and natural gas fields which could be valued at more than USD1 billion.
Aside from Oman, Occidental is operating in the UAE and Qatar. The company is also said to open to divesting other assets in the Middle East although not formally soliciting interest.
Occidental has been taking measures to decrease its USD40 billion debt due to the purchase of Anadarko Petroleum in 2019. Its shares have plunged this year amid the crashing energy prices and it has been unemploying workers and cut expenses to cope with the debt.
