Abu Dhabi: Adnoc holds 60 per cent share in Adco (Abu Dhabi Company for Onshore Petroleum Operations) while 40 per cent is being awarded to international oil companies to develop onshore oilfields for a period of 40 years. So far, four oil companies were selected to be part of the concession including BP (10%), Total (10%), Japan’s Inpex (5%) and South Korea’s GS Energy (3%). Adnoc is yet to decide on partners for the remaining 12 per cent stake.
Royal Dutch Shell, Norway’s Statoil, China National Petroleum Corporation and Italy’s ENI are yet to sign the deal and are waiting for the decision from Adnoc.
ExxonMobil, Royal Dutch Shell, Total and BP had each held 9.5 per cent equity stakes in the Adco concession since the 1970s which expired in January 2014. Exxon Mobil did not bid for the latest round of concession.
