Multinational companies hold large stakes in concessions that pump most of the oil and gas in the United Arab Emirates, the world's third-largest oil exporter.
The UAE has said it aims to increase its oil production capacity to 3.5 million barrels per day (bpd) from 2.7 million bpd now and it will be reliant on these concessions for the increase. [ID:nLDE6740HT]
The UAE's concessions system allows oil and gas producers to acquire their own equity hydrocarbons from an OPEC country but in return they have to provide much of the investment for new production and agree margins analysts say are very tight by international standards."
No comments:
Post a Comment