"Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the Middle East’s oldest oilfields.
The top decision-making body in the Abu Dhabi oil industry, the Supreme Petroleum Council, has rejected a proposal from the state-owned Abu Dhabi National Oil Co. to extend by a year the concessions in the onshore oil fields which make up more than half of the United Arab Emirates’ crude production of 2.6 million barrels a day, industry officials said last week.
The existing 75-year old concessions expire in January 2014, so the decision gives Adnoc just over seven months to decide on the new line-up of foreign partners."
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