Abu Dhabi Said to Complete Technical Review of Oil Bids in Weeks - Bloomberg

Abu Dhabi Said to Complete Technical Review of Oil Bids in Weeks - Bloomberg:



"Abu Dhabi’s state oil producer is almost finished reviewing technical aspects of international companies’ bids to develop the biggest onshore crude deposits in the emirate, two people with knowledge of the situation said.



Evaluating expansion plans and output targets proposed by 11 companies from the U.S., Europe and Asia seeking the concessions may take about two weeks more, said the people, who asked not to be identified since the process is confidential. Picking the best commercial terms among the offers, including how much companies would like to be paid for the work, should be finished this year, they said.



Abu Dhabi, capital of the United Arab Emirates and holder of most of the country’s crude reserves, is seeking new partners to help expand oil output. Exxon Mobil Corp., BP Plc, Royal Dutch Shell Plc and Total SA in January lost rights as partners in the company operating Abu Dhabi’s onshore fields when their joint venture agreement expired after seven decades."



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