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Monday, 19 December 2016

Chinese companies top Abu Dhabi list for stake in Adco | The National

Chinese companies top Abu Dhabi list for stake in Adco | The National:
"Abu Dhabi’s oil leadership is down to a very short list of contenders for the remaining stake in its flagship onshore oil concession after the deal last week giving BP a 10 per cent share for US$2.2 billion, which also brought Abu Dhabi in as one of BP’s largest shareholders.

The negotiating process for stakes in Abu Dhabi Company for Onshore Oil Operations (Adco), which accounts for slightly more than half of Abu Dhabi’s 3.1 million barrels per day of output, has dragged on for three years since the expiry of the old concession, as the emirate’s Supreme Petroleum Council, advised by Abu Dhabi National Oil Co. (Adnoc), has evaluated proposals.


With BP’s deal and the previous ones, which gave France’s Total a 10 per cent stake and Japan’s Inpex and South Korea’s GS Energy (backed by Korean National Oil Co.) 5 and 3 per cent, respectively, Adnoc now expects to wrap up deals covering the remaining 12 per cent by early next year, according to a person familiar with the negotiations."

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