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Not only is the line-up for the renewal of Abu Dhabi’s flagship 1.6mn b/d onshore concession still incomplete, but it may be for some time. Majors, including BP and Shell who had been the frontrunners to take 10% apiece, are scaling back their upstream spending plans in the light of lower oil prices.
What was a race for access to Abu Dhabi’s onshore oil fields has turned into a waiting game. Since Total reportedly paid over $2bn as an entry fee for a 10% stake in the Abu Dhabi Company for Onshore Petroleum Operations (Adco) earlier this year, the other two main contenders from among the former so-called legacy partners, Shell and BP, are taking their time. (CONTINUED - 1805 WORDS)