Wednesday, Apr 04, 2007
DUBAI (Dow Jones)--Occidental Petroleum Corp. (OXY) will bid in mid-April for an estimated $10 billion sour gas development in Abu Dhabi while BG Group PLC (BRG) will not pursue the project any further, company officials have said.
Abu Dhabi National Oil Co., which produces almost all the oil in the United Arab Emirates, has prequalified a number of international oil companies including Occidental, BG, BP PLC (BP) and Royal Dutch Shell PLC (RDSA.LN) to submit bids for the project by April 15.
Occidental is among the companies preparing to submit a final proposal on how to develop the scheme, which will be seminal in helping the U.A.E.'s largest emirate meet its fast-rising gas requirements.
"I'm sure we'll submit a proposal," Occidental Chief Financial Officer Steven Chazen told Dow Jones Newswires at a New Orleans energy conference Tuesday.
(MORE TO FOLLOW) Dow Jones Newswires
04-04-07 0749GMT
