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Oxy is looking to pay off some of the debt it took when it acquired Anadarko Petroleum last year.
The project will monetise gas produced in offshore pre-salt fields.
The company has seen accumulated gains from long-term LNG carrier contracts.
The number of LNG bunkering operations in Spain increased more than threefold year on year in the first half of 2020.
The transaction could be worth $1.5bn.
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