• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 3 hours Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 7 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 3 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 2 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 5 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 day Gazprom Exports to EU Hit Record
  • 2 hours Oil prices going down
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 2 days Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 2 hours Saudi Arabia turns to solar
  • 1 day EVs Could Help Coal Demand
  • 2 days China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 20 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
The OPEC Agreement Puts A Floor Under Oil Prices

The OPEC Agreement Puts A Floor Under Oil Prices

OPEC’s agreement to raise production…

A Storm Is Brewing In The Southern Gas Corridor

A Storm Is Brewing In The Southern Gas Corridor

While Russia looks to circumvent…

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