Abu Dhabi Awards Oil Field Stake to Cepsa for $1.5 Billion - Bloomberg

Abu Dhabi Awards Oil Field Stake to Cepsa for $1.5 Billion - Bloomberg:

"Abu Dhabi awarded a second slice of its offshore oil concessions in as many weeks, this time to Spanish refiner and producer Cia Espanola de Petroleos SA for a $1.5 billion fee. Government-owned Abu Dhabi National Oil Co. awarded Madrid-based Cepsa a 20 percent stake in development rights for the Sateh Al Razboot and Umm Lulu fields in the Persian Gulf, Adnoc said Sunday. Abu Dhabi’s Mubadala Investment Co. owns Cepsa. The 40-year contract is the second that Adnoc has signed for its offshore deposits this month. Adnoc secured a $600 million deal with a group of Indian companies for the Lower Zakum field on Feb. 10. The emirate split an existing offshore oil partnership into three blocks and is seeking new partners to hold as much as 40 percent of each of the the new concessions. The current partnership governing those deposits as a single block will expire on March 8."



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