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Monday, 19 December 2016

China's CEFC in talks for stake at Abu Dhabi oil concessions - sources | Reuters

China's CEFC in talks for stake at Abu Dhabi oil concessions - sources | Reuters:
"Privately-run CEFC China Energy is in advanced talks to secure a stake to develop onshore oilfields in the United Arab Emirates under a 40-year deal, two industry sources with knowledge of the discussions said on Monday.

CEFC is in discussions with state-owned Abu Dhabi National Oil Co. (ADNOC) to try to acquire 10 percent of the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), one of the sources said. ADCO operates onshore oil concessions with total resources of between 20 billion to 30 billion barrels of oil equivalent.

The source added that it was not clear how much of a stake CEFC would ultimately win, but estimated a 10 percent stake would cost around $2.2 billion."

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