The United Arab Emirates (UAE) is likely to allow more foreign partners, especially from Asia, to take stakes in its oil and gas concessions, the chief executive of Abu Dhabi Marine Operating Company (ADMA-OPCO) said on Tuesday.
Abu Dhabi, which has the largest share of the UAE's oil, plans to invest $60 billion over the next five years to boost its oil production capacity from 2.7 million to 3.5 million barrels per day (bpd) - and oil concessions lie at the heart of its ambitions.
The concessions system allows oil and gas producers to acquire equity hydrocarbons from the OPEC member in return for investing in projects.
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