Arco gives up Margham concession

Dubai's Margham onshore gas and condensate concession has been transferred by Arco Dubai Inc to a new local entity, Margham Dubai Establishment, as of November 15.

"Arco had proposed to the government of Dubai that Arco Dubai Inc relinquish its interest in the Margham concession. The government of Dubai indicated that it intends to agree to Arco Dubai Inc's proposal and has created a new entity - the Margham Dubai Establishment - to operate the Margham field and its related business activities," according to a notice issued by Arco Dubai Inc.

Arco (Atlantic Richfield Co) has been undergoing reorganisation of its operations following its merger with British Petroleum. Relinquishment of the Margham concession is part of this reorganisation.