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UAE agrees four western oil majors to keep operating big fields

ExxonMobil, Royal Dutch Shell, Total and Partex Oil and Gas will continue to operate the 1.5m bpd fields

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Abu Dhabi National Oil Company (ADNOC) has signed deals for four western oil majors to continue operating its biggest oil fields, state news agency WAM said on Wednesday.

ExxonMobil, Royal Dutch Shell, Total and, as well as the smaller, Portugal-based company Partex Oil and Gas, will continue to operate the fields which produce around 1.5 million barrels per day, WAM said.

United Arab Emirates’ concession system allows oil and gas producers to acquire equity in hydrocarbon resources from the OPEC member country.

The licenses they have been operating under for decades expire this month and several Asian companies had hoped to gain stakes when the concessions were renewed.