Abu Dhabi’s state oil firm ADNOC has been meeting with executives of the foreign oil firms that submitted bids for a slice of the prime ADCO onshore concession to discuss the commercial terms. ADNOC will decide by year-end, sources tell MEES. But political concerns may delay the award well beyond this.
The renewal process for the Abu Dhabi Company for Onshore Operations (ADCO) is moving forward after a summer lull. But that’s not the end of the story. Even if the Abu Dhabi National Oil Company (ADNOC) were to complete its appraisal of the technical and commercial bids for stakes in ADCO, the hard slog is getting the political process rolling, and that may take longer. (CONTINUED - 1704 WORDS)