• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 32 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 21 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 day As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 21 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 1 hour Middle East on brink: Oil tankers attacked off Oman
  • 7 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 24 hours Never Knew Gasoline Prices were this important!
  • 12 hours Plants are Dying
  • 23 hours (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 4 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 18 hours We Are Better Than This
  • 7 hours Emmissions up, renewables nowhere
  • 2 days Britain makes it almost 12 days with NO COAL

UAE’s Oil Firm ADNOC To Split Offshore Concession

Abu Dhabi

The Abu Dhabi National Oil Company (ADNOC), the state-held oil company of the United Arab Emirates (UAE), said on Monday that it would split its existing offshore oil concession into two or more concessions with new terms, and the company is in advanced talks with more than a dozen potential partners to do that.

The offshore concession, currently operated by the Abu Dhabi Marine Operating Company (ADMA-OPCO) and expiring in March next year, will be split in order to unlock greater value and increase partnership opportunities, ADNOC said today.

The announcement came a month after ADNOC said that it would expand partnerships and possibly list minority stakes in some of its services businesses with attractive growth and investment profiles.

Now the potential partners for the ADMA-OPCO are a mix of existing concession holders in ADNOC’s offshore fields and new participants, ADNOC said.

The current shareholders of the ADMA-OPCO company are BP with 14.67 percent, Total with 13.33 percent, and JODCO with a 12-percent stake. The Abu Dhabi government, via ADNOC, holds the other 60 percent.

When the concession is split, it will consist of a mix of the Lower Zakum field, Umm Shaif, Nasr, Umm Lulu and Satah Al Razboot (SARB) fields. ADNOC will keep a 60-percent stake in the new concession terms.

“As part of ADNOC’s new partnership approach, we look forward to working with partners who will bring new and innovative thinking to the table. Partners who can demonstrate tangible value-add to our operations through technology, expertise, long term capital and market access, as well as a shared commitment to drive operational performance and efficiency to deliver smart growth and strong financial returns,” Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of ADNOC, said.

Related: Is The Shale Rebound Causing A Return Of Flaring?

ADNOC, which produces around 3 million bpd, aims to boost its production capacity to 3.5 million bpd next year, and offshore development is one of the company’s strategic focuses to achieve that end.

The concession area currently operated by the ADMA-OPCO joint venture produces some 700,000 bpd now. ADNOC expects the area to have a production capacity of around 1.0 million bpd by 2021.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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