Abu Dhabi National Oil Co. to Split Offshore Oil Concession
August 07 2017 - 4:58AM
Dow Jones News
By Summer Said
The United Arab Emirates' state energy company said it would
split one of its most important offshore oil concessions and is in
advanced talks with more than a dozen potential partners to improve
its returns.
Abu Dhabi National Oil Co , or Adnoc, will split its ADMA-OPCO
concession into two, or more, concessions with new terms, it said
in an emailed statement on Monday.
The concession will be comprised of a mix of the Lower Zakum
field, Umm Shaif, Nasr, Umm Lulu and Satah Al Razboot.
Potential partners for development of the concession comprise a
mix of existing concession holders in Adnoc's offshore oilfields
and new participants.
The current concession, dating back to 1953 and producing about
700,000 barrels a day, expires in March. Its current shareholders
are BP PLC, Total SA, and Japan Oil Development Co.
The Abu Dhabi government will continue to hold a 60% stake in
the new concession areas.
Write to Summer Said at summer.said@wsj.com
(END) Dow Jones Newswires
August 07, 2017 05:43 ET (09:43 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Bp (LSE:BP.)
Historical Stock Chart
From Apr 2024 to May 2024
Bp (LSE:BP.)
Historical Stock Chart
From May 2023 to May 2024