Abu Dhabi Pivots to Asia for Partners in $22 Billion Oil Project - Bloomberg Business

Abu Dhabi Pivots to Asia for Partners in $22 Billion Oil Project - Bloomberg Business:



"Abu Dhabi, with 6 percent of global crude reserves, selected GS Energy Corp. of South Korea to join Japan’s Inpex Corp. as the second Asian partner in the Persian Gulf emirate’s biggest onshore oil concession.



GS Energy secured a 3 percent stake for 40 years in the venture, it said Wednesday in a statement. Another South Korean company, Korea National Oil Corp., said it will provide technical support to GS Energy in the project. State-owned Abu Dhabi National Oil Co confirmed the award. Inpex won a 5 percent stake in the venture last month.



Abu Dhabi is seeking new partners to replace some of the Western companies that pumped oil in the emirate for 75 years until their last production agreement expired in 2014. Adnoc picked Total SA of France for a 10 percent stake in the concession in January. By also selecting Inpex and now GS Energy, Abu Dhabi is for the first time opening its biggest onshore producing fields to investment from companies in Asia, the biggest market for the emirate’s crude."



'via Blog this'