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ADNOC awards BP onshore Abu Dhabi interest
ADNOC has awarded BP a 10% interest in Abu Dhabi’s onshore oil concession operated by ADCO, the Abu Dhabi Company for Onshore Petroleum Operations. As part of BP’s interest in the concession, it will become asset leader for the Bab integrated asset group within ADCO. It is hoped the new partnership model will bring technology, expertise and financing aimed at maximising the value of the resources and supporting the transfer of knowledge.
BP joins Total of France, Inpex Corporation of Japan, and GS Energy of South Korea as shareholders of ADCO and the onshore concession, who each own a 10%, 5% and 3% interest respectively. ADNOC will continue to explore opportunities with potential partners for the remaining 12% stake of the 40% earmarked for foreign partners.
News Item details
Journal title: Petroleum Review
Subjects: Banking, finance and investment, Economics, business and commerce, Commercial, Oil and gas, Oil production, Onshore production
