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Monday, 7 August 2017

UAE's ADNOC to split huge oil concession, in talks with potential partners

UAE's ADNOC to split huge oil concession, in talks with potential partners:

"State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.

Adnoc is in advanced talks with more than a dozen potential partners, the company said. The current operating license for the concession will expire next March.

The potential partners are a mix of existing concession holders in Adnoc's offshore oilfields and new participants, Adnoc said without identifying them.

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