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
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.
-
Japan to extend $3 billon loan to UAE’s ADNOC
Japan will give a $3 billion loan to Abu Dhabi National Oil Co (ADNOC), state-run by OPEC-member United Arab Emirates, to help boost the oil ... Business -
OPEC’s crude oil output ‘adequate to the market’, says UAE
OPEC's current crude production is “adequate to the market” and there is no talk of the cartel changing its output target of 30 million ... Energy -
Iraqi Kurds approve UAE’s Taqa plans to pump oil
Iraq’s northern self-ruled Kurdish region has given the green light to a consortium led by a United Arab Emirates state-run energy investment ... Business