While it is still not known publicly whether ExxonMobil submitted a bid for the renewed ADCO concession, the firm has wrapped up another win at Upper Zakum in Abu Dhabi.
The emirate’s Supreme Petroleum Council (SPC) recently gave the final go ahead to a deal that sees the Zakum Development Company (ZADCO) concession extended by 15 years, to 2041. Additionally, MEES understands that new contract terms will see ZADCO participants remunerated in line with the revised ADCO terms, at a fee of about $3/B. The beefed up terms come after years of negotiations and IOC concerns that, at $1/B, Abu Dhabi operations were not particularly lucrative. (CONTINUED - 723 WORDS)