Abu Dhabi will put the rights to some of its biggest oilfields out to tender, shaking a partnership with major oil companies that dates to before the Second World War.
The emirate's biggest petroleum concession, a constellation of onshore fields that collectively produce 1.4 million barrels per day (bpd), or half of Abu Dhabi's pumping capacity, is due to expire in two years.
"Adco [Abu Dhabi Company for Onshore Oil Operations] concessions will be put to bidding because companies will be screened," Abdulla Nasser Al Suwaidi, the director general of the Abu Dhabi National Oil Company, said yesterday. His statement was the first clear indication of the Abu Dhabi Government's plans.
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