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South Korea’s GS Energy, which was not on the original list of foreign oil companies qualified to bid for a stake in Abu Dhabi’s onshore concession, has won a 3% stake in the newly formed Abu Dhabi Company for Onshore Petroleum Operations (Adco).
The surprise choice, which follows the award of a 5% stake to Japan’s Inpex, shows Abu Dhabi’s determination to bring a geographic mix into its upstream oil sector after decades of dominance by the Western oil majors.
GS Energy joins France’s Total, which secured a 10% stake in the new Adco concession in January, and Inpex, leaving 22% still open for foreign participation. The Abu Dhabi National oil Company (Adnoc) retains a 60% controlling stake in the restructured Adco, which manages 15 onshore fields currently producing 1.6mn b/d and due to rise to 1.8mn b/d by 2017.
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