BP signed up to a 10% stake in Abu Dhabi’s 1.66mn b/d onshore Adco concession on 17 December. It ends a near two-year hiatus since Total secured a 10% stake in the concession in January 2015, with Japan’s Inpex (3%) and South Korea’s GS Energy (3%) signing up to smaller shares shortly after. The concession runs until 2054. State oil firm Adnoc confirms that it is still looking to fill the remaining 12% of the 40% planned IOC allocation.
Adnoc Director General Sultan al-Jabir says “Our renewed partnership with BP will support Adnoc in achieving maximum economic value and levels of recovery. This is an attractive and strategic agreement for both parties that will deliver competitive returns and long term growth opportunities.” (CONTINUED - 1716 WORDS)