UAE: South Koreans Hope To Expand Presence Through Adco

Abu Dhabi says it is in no rush to award the remaining 30% of Adco.

Nearly three months since Total won a 10% stake in Abu Dhabi’s reformatted onshore concession, its international oil company (IOC) peers Shell and BP have held back from a commitment that would require them to shell out more than $2bn each in a signing bonus. Their reticence has improved the chances of the Asian contenders keen to lock in crude supply from the Opec state. South Korea’s GS Energy said recently it had bid for a stake of up to 5% while state-owned Korea National Oil Company (KNOC) is also in the running. (CONTINUED - 1197 WORDS)