Tuesday 12 July 2011

Oil partners look to future - The National

ExxonMobil hopes to see better incentives in any renewal of its concession to pump oil from Abu Dhabi, a senior executive says.

The world's largest oil company is one of four partners in Abu Dhabi's largest oil concession, which is due to expire in three years after a 75-year run.

The foreign partners - the others are BP, Royal Dutch Shell and Total - receive US$1 a barrel for oil they produce from the concession, which covers about half of the emirate's 2.8 million barrels per day (bpd) capacity.

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