• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 5 hours U.S. Shale Oil Debt: Deep the Denial
  • 6 hours Satellite Moons to Replace Streetlamps?!
  • 6 mins Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 30 mins Why I Think Natural Gas is the Logical Future of Energy
  • 2 days EU to Splash Billions on Battery Factories
  • 20 hours Owning stocks long-term low risk?
  • 22 hours The Dirt on Clean Electric Cars
  • 6 hours Can “Renewables” Dent the World’s need for Electricity?
  • 11 mins Get on Those Bicycles to Save the World
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 2 days The end of "King Coal" in the Wales
  • 9 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
Is There Too Much Light Crude On The Market?

Is There Too Much Light Crude On The Market?

Light crude typically sells at…

BP Invited to Bid on UAE Oil Concession

BP, who owns a 9.5 percent stake in the Abu Dhabi National Oil Company (ADCO) concession which is set to be renewed in 2014, was surprisingly left out of the pre-qualification process, meaning that it could not bid to renew its interest in the 1.4 million barrel a day play.

According to the Financial Times, loosing this stake would have cost BP around 3.5 percent of its global oil production. Luckily the British oil major has now been granted permission to place bids.

The worries started when they did not receive a pre-qualifying letter which invited them to the auction.

Abdullah Nasser al Suwaidi, explained to the FT that the letter was merely to raise interest in the concession, and that it was unnecessary for a company of BP’s stature.

Related Article: Long-Term Oil Forecasts - Merely Guesses

However many in the industry saw the lack of a letter as a snub against BP (NYSE:BP) and Britain, in response to the UK’s support of new reforms in the Arab world, and revolutions that have toppled several Arab leaders.

David Cameron, the British Prime Minister, made a trip to the UAE last month to try and strengthen relations and commercial ties with the Gulf nations.

Bob Dudley, CEO of BP, claimed that he was unaware there was ever a problem, and always believed that they would be involved in the auction. “We never knew we were excluded and I think the spirit and the feeling of the communications that we have is positive and we have been talking at multiple levels on this.”

By. Charles Kennedy of Oilprice.com


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News