Petroleum Africa
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Monday, May 25, 2015
Wintershall Holding GmbH is interested in picking up assets held by Occidental Petroleum Corp., or Oxy as it is more commonly called, in Libya. Occidental has been looking to gain permission from Libya’s NOC to share data on its assets.
Occidental’s Libyan fields have been producing below par for some time according to a report filed by the company with the US Securities and Exchange Commission, and the company has been trying to offload them since 2013 without much success.
Libyan officials said terms of any deal being discussed for assets owned by a JV that includes Occidental, Austria’s OMV AG and Libya’s NOC haven’t been completed. “It could be for a stake in the assets or just some of them,” a Libyan oil official said. Other Western firms have tried to sell off stakes to their more risk-taking counterparts but NOC nixed those buys with a pre-emption.
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