A senior Abu Dhabi National Oil Company (ADNOC) official has continued the uncertainty over the renewal of a concession by a consortium that manages Abu Dhabi’s major onshore oil fields. ADNOC Director General ‘Abd Allah al-Suwaidi on 23 April suggested that a decision may not be reached on Abu Dhabi Company for Onshore Oil Operation’s (ADCO) contract by the time it expires on 13 January, 2014.
More than 10 firms have been invited to bid for its concession. ADCO is composed of ADNOC (60%); with BP, ExxonMobil, Total and Shell holding 9.5% apiece; and Portugal’s Partex (2%). (CONTINUED - 640 WORDS)