Friday, January 19, 2018

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)

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