Tuesday, 15 January 2013

China's dragon woos Abu Dhabi for partnership on oil and future energy - The National

China has made a name for itself in getting a good deal for natural resources in some of the world's toughest locations, from pumping oil in Sudan when westerners wouldn't go to signing up to explore in Afghanistan.

But growing energy needs are pushing China out of its traditional resource strongholds and into direct competition with the more established supermajors from around the world.

That drama is also quietly playing out in Abu Dhabi, where lucrative Second World War-era onshore oil rights will expire at the start of next year. The Abu Dhabi Company for Onshore Oil Operations (Adco) concession, as the prized set of oilfields is called, accounts for half the emirate's crude output and since 1939 has lain in the hands of producers we know today as ExxonMobil, Royal Dutch Shell, BP, Total and Portugal's Partex.
China's dragon woos Abu Dhabi for partnership on oil and future energy - The National

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