ADNOC to split huge oil concession, in talks with potential partners

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Mon, 07 Aug 2017 - 10:11 GMT

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017.
Toru Hanai/File Photo

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Toru Hanai/File Photo

DUBAI - 7 Aug 2017 : State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.

Adnoc is in advanced talks with more than a dozen potential partners, the company said. The current operating license for the concession will expire next March.

The potential partners are a mix of existing concession holders in Adnoc's offshore oilfields and new participants, Adnoc said without identifying them.

Adnoc will retain a 60 percent shareholding in the new concession areas.

Last month, Adnoc announced that it was expanding its partnership model to create new co-investment opportunities across its business.

Sultan Ahmed al-Jaber, Adnoc's group chief executive, said in Monday's statement that his company was looking for partners to provide technology, expertise, long-term capital and market access, as well as operational efficiency and a willingness to invest in different parts of Adnoc.

The existing ADMA-OPCO concession produces around 700,000 barrels per day (bpd) of oil and is projected to have a capacity of about 1.0 million bpd by 2021.

Existing shareholders in ADMA-OPCO are BP with 14.67 percent, Total with 13.33 percent and Japan Oil Development Co with 12 percent.

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