Bids placed for Abu Dhabi fields

Abu Dhabi22 July 2014, News Wire – Leading international players have placed their bids for taking up stakes in onshore oilfields, capable of producing 1.6 million barrels per day, covered under the Abu Dhabi Company for Onshore Oil Operations (ADCO) concession.

Among the earlier partners, Anglo-Dutch super-major Shell, French major Total and UK’s BP have placed their bids, which are being evaluated by Abu Dhabi, Reuters reported quoting anonymous sources.

However, ExxonMobil, which was also a partner in the ADCO concession has not bid, according to the news agency.

The former partners in the ADCO concession included ExxonMobil, Shell, BP and Total, each holding a 9.5% stake. Portugal’s Partex had a 2% stake, while the remaining stake was held by operator Abu Dhabi National Oil Company (ADNOC), according to news reports.

However, the deal expired in January this-year, with ADNOC taking 100% control in the concession.

Others competing for the new deal include, US player Occidental Petroleum, Italy’s ENI , China National Petroleum Corporation (CNPC), Norway’s Statoil, Japan’s Inpex and Korea’s National Oil Corporation, Reuters reported, quoting anonymous sources.

A final decision on the winning companies is unlikely before early 2015 and Abu Dhabi is weighing whether to bring in Asian players or stick with old partners, claimed the news report.

*Nishant Ugal & news wires

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