Abu Dhabi to Operate Onshore Oil Fields as Concessions Expire - Bloomberg

Abu Dhabi to Operate Onshore Oil Fields as Concessions Expire - Bloomberg:

"Abu Dhabi’s 75-year oil-production agreement is expiring, leaving the largest U.S. and European oil companies without direct stakes in the onshore crude deposits of OPEC’s fourth-biggest supplier.

Abu Dhabi National Oil Co. will continue to produce and market oil from the fields through an operating unit, ending its partnership with BP Plc (BP/), Royal Dutch Shell Plc (RDSA), Exxon Mobil Corp. (XOM) and Total SA (FP), state-run Emirates News Agency, or WAM, reported today.

The international companies are among those bidding for new production agreements that would allow them to keep pumping oil in the Persian Gulf emirate, leaving their future roles in the sheikhdom unclear. Adnoc has invited additional companies from Europe and Asia to compete for the oil-development projects. Abdulla Nasser al-Suwaidi, Adnoc’s director general, said in November the bidding process could take until January 2015"

'via Blog this'