Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
Abu Dhabi Awards BP 10% Stake in ADCO Onshore Concession
 

Agreement strengthens long standing relationship with BP in Abu Dhabi’s oil and gas sector

Abu Dhabi, UAE – 17 December, 2016:  ADNOC today, signed an agreement with BP, awarding the British oil and gas giant a 10% interest in Abu Dhabi’s onshore oil concession operated by ADCO, the Abu Dhabi Company for Onshore Petroleum Operations 

As part of BP’s interest in the concession, it will become asset leader for the Bab integrated asset group within ADCO. 

The agreement was signed by His Excellency Dr Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and member of the Supreme Petroleum Council of the Emirate of Abu Dhabi, and Bob Dudley, BP Group Chief Executive.

H.E. Dr. Al Jaber said: “BP has long been a strategic partner to Abu Dhabi and ADNOC. Alongside our other partners, BP has played an important role in the development of our oil and gas assets. This agreement marks a milestone in our efforts to forge new partnership models that bring technology, expertise and financing aimed at maximizing the value of our resources and supporting the transfer of knowledge.

“We look forward to working with value-add partners that share a mutual interest in advancing the industry and applying innovative technology that improve operational efficiency and recovery.

“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,” H.E. Dr Al Jaber added. 

BP has been present in Abu Dhabi since 1939. Since the 1970’s, BP held a 9.5% interest in the ADCO onshore concession that expired in late 2014.  A new concession was put in place in January 2015. BP joins Total of France, Inpex Corporation of Japan, and GS Energy of South Korea as shareholders of ADCO and the onshore concession, who each own a 10%, 5% and 3% interest respectively. ADNOC will continues to explore opportunities with potential partners for the remaining 12% stake of the 40% earmarked for foreign partners. 

Bob Dudley said: “Today’s agreement marks a new phase in BP’s long relationship with Abu Dhabi and, in particular, ADNOC. BP will work closely with ADNOC to realise the full potential of these world-class resources. “This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well. We will bring our people, cutting-edge technology and experience of managing mature giant fields around the world to help maximise recovery from these assets.” 

As part of the agreement, BP will second up to 50 technical staff to ADCO, bringing technology, expertise and experience to support the ongoing efficient operation and development of the assets. BP also holds a 14.67% interest in the Abu Dhabi Marine Operating Company, ADMA-OPCO, offshore concession, and 10% interests in both the Abu Dhabi Gas Liquefaction Company (ADGAS) and the National Gas Shipping Company (NGSCO). BP’s net share of oil and gas production from Abu Dhabi is approximately 95,000 barrels of oil a day.


Posted by : Dubai PR Network Editorial Team
Viewed 12865 times
PR Category : Energy and Industry
Posted on : Saturday, December 17, 2016  4:23:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : ADNOC Distribution Opens Al Muhathab Service Station in Umm ...
Next Story : ADNOC Distribution Expands Presence in Abu Dhabi's Khalifa C...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
COLAB - Dry Shampoo [11181-Views]
ORANGE & BERGAMOT Awaken the Cult Icon New Additions [10766-Views]
FOREO delivers the ultimate festival survival kit for a glow-on-the-go. [8534-Views]
The Perfect Gift Mark [8455-Views]
Palladio Beauty - a Professional Line of Botanical & Vitamin-Infused Cosmetics [7613-Views]
New XE 300 Sport Edition Wins Gripping Ice Race [7564-Views]
Filorga Mesotherapist Derma Roller [7381-Views]
Get Vibrant and lively hair with Rahua's new Color Full Range [7283-Views]
Spring/Summer 18 Collection [6948-Views]
OPPO unleashes the new Selfie Expert F7 with a 25 MP AI powered selfie camera [6783-Views]
Samsung launches Exciting Smartphone Trade-In Program with Galaxy S9 or S9+ [6618-Views]
Pinky Goat Launches BROWME [6387-Views]
du to Offer New 9.7-inch iPad With Apple Pencil Support [6234-Views]
Skyline University College Economics Day 2018: One Step towards Tomorrow [5917-Views]
Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds [5771-Views]
New Blow Out Bar and Make-Up Studio SWISH by Immaclife Opens in Abu Dhabi in April 2018 an... [5691-Views]
Pandora Shine Discover A New Way to Shine [5679-Views]
Stylish Nursing wear at Mums and Bumps [5667-Views]
Penny Scallan Design Launches in the Middle East [5551-Views]
Dubai Sports Council Pavilion a big hit at Bangkok SportAccord [5441-Views]
Rolling Cones, a new luxury ice cream concept, launches at the Hyatt Regency Dubai Creek H... [5106-Views]
The new BMW M2 Competition [5094-Views]
Roger Dubuis Excalibur Aventador S Verde Mantis [5087-Views]
MINI at Auto China Beijing 2018 [5081-Views]
Gifts for Ramadan at Hour Choice [4965-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories