Abdullah Nasser al-Suwaidi, former deputy chief executive officer ofAbu Dhabi National Oil Co., was named the state-owned company’s director general as the oil producer starts to renegotiate contracts with foreign companies.
"The new director-general has close relations with the Abu Dhabi crown prince and thinks in the same way," said Thad Malesa, an independent analyst based in Dubai. "The crown prince wants to get the best deals possible for Abu Dhabi, and right now they will be looking at pushing oil concessions forward and with new partners."
Exxon Mobil Corp. (XOM), Royal Dutch Shell Plc and Total SA are among companies seeking to extend contracts for producing oil in Abu Dhabi, holder of more than 90 percent of the oil reserves in the U.A.E. The sheikhdom is planning to spend as much as $60 billion over the next decade to expand its oil and gas industry, including boosting crude production capacity to 3.5 million barrels a day from about 2.8 million now.
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