UAE's ADNOC To Split Huge Oil Concession, In Talks With Potential Partners


DUBAI, Aug 7 (Reuters) - State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.

Adnoc is in advanced talks with more than a dozen potential partners, the company said. The current operating licence for the concession will expire next March.

The potential partners are a mix of existing concession holders in Adnoc's offshore oilfields and new participants, Adnoc said without identifying them.

Adnoc will retain a 60 percent shareholding in the new concession areas.

Last month, Adnoc announced that it was expanding its partnership model to create new co-investment opportunities across its business.

Sultan Ahmed al-Jaber, Adnoc's group chief executive, said in Monday's statement that his company was looking for partners to provide technology, expertise, long-term capital and market access, as well as operational efficiency and a willingness to invest in different parts of Adnoc.

The existing ADMA-OPCO concession produces around 700,000 barrels per day (bpd) of oil and is projected to have a capacity of about 1.0 million bpd by 2021.

Existing shareholders in ADMA-OPCO are BP with 14.67 percent, Total with 13.33 percent and Japan Oil Development Co with 12 percent.

(Reporting by Andrew Torchia; editing by Jason Neely)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Vice President, Operations
Expertise: Executive|Operations Management
Location: Houston, TX
Sr. Contract Specialist
Expertise: Contracts Administration|Contracts Engineer|Legal
Location: Chesterfield, MO
Supply Chain Management / IT Counsel
Expertise: Business Analyst|Legal
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.03/BBL 1.51%
Light Crude Oil : $47.09/BBL 0.66%
Natural Gas : $2.93/MMBtu 1.38%
Updated in last 24 hours