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Monday, 20 February 2017

UPDATE 1-Abu Dhabi awards China's CEFC 4 pct of oil concession for $900 mln | Reuters

UPDATE 1-Abu Dhabi awards China's CEFC 4 pct of oil concession for $900 mln | Reuters:

"Abu Dhabi awarded a 4 percent stake in its giant onshore oil concession to CEFC China Energy Co for a fee of 3.3 billion dirhams ($900 million), state-owned Abu Dhabi National Oil Co (ADNOC) said on Monday.

The stake is the last to be awarded in the concession after international energy companies including Total, BP and China's CNPC secured stakes. ADNOC owns 60 percent of the concession.

The onshore fields, operated by Abu Dhabi Company for Onshore Petroleum Operations (ADCO, have total resources estimated at between 20 billion and 30 billion barrels of oil equivalent over the term of the concession."



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