Partex Sees Adco Opportunity As BP, Shell Shun Terms

Partex, the Portuguese minnow with deep Mideast roots, retains hope of being invited back as a minority stakeholder in Abu Dhabi’s renewed onshore concession. BP and Shell continue to have first refusal on the 22% still up for grabs.

Partex was excluded from the list of qualified companies when the former Abu Dhabi onshore concession expired early last year. But it sees a small chance of a comeback in an as yet incomplete new partnership to help develop the 1.6mn b/d cluster of fields.

The Abu Dhabi National Oil Company (Adnoc), which holds a majority in the Abu Dhabi Company for Onshore Petroleum Operations (Adco), has not yet given a direct indication to Partex that it would be welcome back after losing its 2% stake in the former onshore concession, which was also known as Adco, says Jose Pereira, the Middle East representative of Partex. However, the company, which also has assets in Oman and a stake in the Abu Dhabi Gas Company (Gasco), sees precedent in the award of a 3% stake to South Korea’s GS Energy, which was also not among companies qualified to bid for the new stake in the restructured onshore company. (CONTINUED - 998 WORDS)