ADNOC Says 'Door Is Still Open' For UAE Oil Concession Talks
DUBAI, April 4 (Reuters) - The chief executive of the Abu Dhabi National Oil Company (ADNOC) said in remarks published on Monday the door was still open for talks on awarding stakes in its 40-year onshore concession to develop the country's biggest oilfields.
Nine Asian and Western companies have bid for stakes in the Abu Dhabi Company for Onshore Oil Operations (ADCO) concession after a deal with Western majors dating back to the 1970s expired in January 2014.
South Korea's GS Energy, Japan's Inpex Corp and France's Total have won contracts so far to develop the oilfields, which produce 1.6 million barrels per day (bpd) and have a target of 1.8 million from 2017.
After the former concession expired, state-run ADNOC took 100 percent of ADCO as political leaders in Abu Dhabi weighed up whether to bring in Asian firms or stick with old partners, industry and diplomatic sources said.
ADNOC holds 60 percent of ADCO, with Total, Inpex and GS Energy holding 10, five and three percent respectively, leaving 22 percent remaining for other bidders
In an interview published by The National and al-Ittihad dailies and state news agency WAM, Sultan al-Jaber said he was pleased with the speed of integration of existing foreign partners into the ADCO concession.
"Having said that, the door is still open to discuss the participation of other international players in the remaining 22 percent share in ADCO," he was quoted as adding.
"In the spirit of partnership we are enthusiastic to work with the industry and to mutually benefit from what is a very attractive, long-term and sustainable opportunity in the upstream oil and gas sector."
ExxonMobil, Shell, Total and BP had each held 9.5 percent equity stakes in the former ADCO concession.
Shell, Total and BP made new bids, while Exxon decided against bidding. Other bidders included U.S. firm Occidental Petroleum Corp, Italy's ENI, China National Petroleum Corp (CNPC), Norway's Statoil, Korea National Oil Corp.
Speaking of ADNOC, Jaber said: "We have longstanding relationships with a number of IOCs (international oil companies). These relationships are true partnerships based on mutual trust that go back to the birth of our company and have been part of ADNOC's successful growth.
"We are keen to work with all those who appreciate the value of long-term collaboration aimed at delivering benefits for both partners."
(Reporting by William Maclean; Editing by Richard Pullin)
WHAT DO YOU THINK?
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.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension