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Abu Dhabi is aiming for a swift decision on the makeup of a new consortium to develop its onshore oil fields following January’s expiry of the ADCO concession.
UAE Energy Minister Suhail al-Mazru’i tells MEES that the new partnership, expected in January 2015, will not be delayed and says there are no plans to do away with foreign oil companies and allow state-run ADNOC to manage the fields without outside help.
The Abu Dhabi Company for Onshore Operations (ADCO) took over full operatorship of the 1.6mn b/d onshore fields at the start of the year after the end of the decades-old concession agreement with the so-called legacy partners BP, Shell, ExxonMobil, Total and Partex at the start of the year. All but the Portuguese independent qualified to bid for a new, 40-year concession alongside seven other oil companies mainly from Asia (see table). (CONTINUED - 940 WORDS)
DATA INSIDE THIS ARTICLE
|table||ADCO Renewal Prequalifiers|