Saturday 12 April 2014

UAE energy minister hopes Western partners keep oilfields role | GulfNews.com

UAE energy minister hopes Western partners keep oilfields role | GulfNews.com:



"The energy minister of the UAE said on Friday he hoped Western oil companies historically in charge of Abu Dhabi’s biggest oilfields would keep a role, but that no one was assured of keeping their seat when concessions are renewed.



“There is a process... What’s important is that it’s fair to the newcomers as it is to the previous shareholders.



This is a lifetime exercise and we have to do it right,” Suhail Bin Mohammad Al Mazroui told reporters on the sidelines of a conference in Paris.



The Opec member country has held a 60 per cent stake in Abu Dhabi Company for Onshore Oil Operations (ADCO) since acquiring an interest in fields that produce over half the UAE’ oil."



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