Separate negotiations are being held to discuss the marketing of the IOCs’ 40% share of ADCO crude production. State-owned ADNOC is preparing to market all the crude produced by the 1.6mn b/d ADCO concession for one year if need be, MEES understands.
Current partners in the Abu Dhabi Company for Onshore Operations (ADCO) are ADNOC, 60%, Shell, BP, Total and ExxonMobil each with 9.5% and Portugal’s Partex, 2%. Each of the major partners (ie excluding Partex), now has to submit bids for a slice of a redesigned ADCO consortium, which currently accounts for roughly half of total UAE production. The concession expires in January 2014. (CONTINUED - 880 WORDS)