UAE Taps Occidental to Boost Oil Capacity as OPEC Cuts Rankle
- Occidental secures rights to hunt for oil at second UAE block
- Abu Dhabi deal comes after UAE clashes with OPEC on production
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The United Arab Emirates awarded oil-exploration rights to Occidental Petroleum Corp., moving quickly to expand output capacity just a week after the country clashed with its OPEC partners over production limits.
Government-owned Abu Dhabi National Oil Co. picked Occidental to explore for oil and natural gas at a block in the desert along the UAE’s border with Oman, Adnoc said Wednesday in a statement. The block is adjacent to an exploration area that Adnoc awarded to Occidental last year.