BP takes $2.4bn stake in Abu Dhabi oilfields

BP takes $2.4bn stake in Abu Dhabi oilfields:
"BP has agreed a $2.4bn deal for a stake in Abu Dhabi’s largest oilfields, in the latest sign of the UK oil group replenishing its portfolio after years of retrenchment.

The investment will give BP 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which currently stands at about 1.66m barrels of oil per day, for the next 40 years.

BP is the second western oil major to secure a stake in the ADCO concession after Total of France acquired 10 per cent last year."

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