Sunday, August 20, 2017

ADNOC to Spplit Huge Oil Concession, in Talks with Potential Partners

Posted by August 7, 2017

State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.
 
Adnoc is in advanced talks with more than a dozen potential partners, the company said. The current operating licence for the concession will expire next March.
 
The potential partners are a mix of existing concession holders in Adnoc's offshore oilfields and new participants, Adnoc said without identifying them.
 
Adnoc will retain a 60 percent shareholding in the new concession areas.


(Reporting by Andrew Torchia; editing by Jason Neely)

Related News