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More than two years after Total became the first foreign firm to snap up a stake in the rebooted Adco onshore concession, the UAE has finally filled the 40% available to foreign firms.
Chinese state firm CNPC signed up to an 8% stake on 19 February, whilst private sector compatriot CEFC secured the remaining 4% the following day. Despite the separate dates, this should be viewed as a package deal.
CNPC has a smaller stake (8%) than legacy Adco partners Total and BP, which signed up in December. Total and BP each have 10% ( MEES, 23 December 2016 ). The 4% stake purchased by CEFC puts it between Japan’s Inpex (5%) and South Korea’s GS Energy (3%). State firm Adnoc holds the majority 60% (see chart). When combined, the two Chinese firms have the largest foreign representation at Adco.
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