King Salman and Crown Prince condole with Pakistan president over flood victims    Syrian minister to visit Riyadh on Monday to deepen economic cooperation    Huge crowds gather in Israel calling for hostage deal and end to Gaza war    Thousands cross Channel in small boats since new migrant deal with France    'Skibidi' and 'tradwife' among words added to Cambridge Dictionary    New wave of African pride rises in the Caribbean    Saudi citizen airlifted from Azerbaijan for treatment    26 health violations detected and two establishments closed in Riyadh    Saud Abdulhamid becomes first Saudi player to debut in French league    CMA prohibits foreign investors from owning over 49% of shares of any entity    Al Nassr sign Kingsley Coman from Bayern Munich in €30m deal    Data centers to be expanded across UK as concerns mount    Saudi Arabia approves digital ID use for non-resident foreigners to own property    Des Buckingham takes charge of Al Kholood ahead of new RSL season    Music Commission to present 'Marvels of Saudi Orchestra' at Palace of Versailles on September 5    AI designs antibiotics for gonorrhoea and MRSA superbugs    HONOR introduces HONOR Magic V5 foldable at a premium regional event in Dubai    Al Nassr arrive in Hong Kong targeting Saudi Super Cup glory    Universal Inspection Co. Ltd. (UIC): Transforming industrial excellence with world-class precision    Baby Shark did not plagiarize, South Korea's top court rules    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Abu Dhabi awards BP 10% stake in ADCO onshore concession
Published in The Saudi Gazette on 18 - 12 - 2016

[caption id="attachment_106448" align="alignleft" width="300"] Dr Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and member of the Supreme Petroleum Council of the Emirate of Abu Dhabi, and Bob Dudley, BP Group Chief Executive sign the agreement
[/caption]
ADNOC on Saturday signed an agreement with BP, awarding the British oil and gas giant a 10% interest in Abu Dhabi's onshore oil concession operated by ADCO, the Abu Dhabi Company for Onshore Petroleum Operations
As part of BP's interest in the concession, it will become asset leader for the Bab integrated asset group within ADCO.
The agreement was signed by Dr Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and member of the Supreme Petroleum Council of the Emirate of Abu Dhabi, and Bob Dudley, BP Group Chief Executive.
Dr. Al Jaber said: "BP has long been a strategic partner to Abu Dhabi and ADNOC. Alongside our other partners, BP has played an important role in the development of our oil and gas assets. This agreement marks a milestone in our efforts to forge new partnership models that bring technology, expertise and financing aimed at maximizing the value of our resources and supporting the transfer of knowledge."
"We look forward to working with value-add partners that share a mutual interest in advancing the industry and applying innovative technology that improve operational efficiency and recovery."
"Our renewed partnership with BP will support ADNOC in achieving maximum economic value and levels of recovery. This is an attractive and strategic agreement for both parties that will deliver competitive returns and long term growth opportunities," Dr Al Jaber added.
BP has been present in Abu Dhabi since 1939. Since the 1970's, BP held a 9.5% interest in the ADCO onshore concession that expired in late 2014. A new concession was put in place in January 2015. BP joins Total of France, Inpex Corporation of Japan, and GS Energy of South Korea as shareholders of ADCO and the onshore concession, who each own a 10%, 5% and 3% interest respectively. ADNOC will continues to explore opportunities with potential partners for the remaining 12% stake of the 40% earmarked for foreign partners.
Bob Dudley said: "Today's agreement marks a new phase in BP's long relationship with Abu Dhabi and, in particular, ADNOC. BP will work closely with ADNOC to realize the full potential of these world-class resources. "This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well. We will bring our people, cutting-edge technology and experience of managing mature giant fields around the world to help maximize recovery from these assets."
As part of the agreement, BP will second up to 50 technical staff to ADCO, bringing technology, expertise and experience to support the ongoing efficient operation and development of the assets. BP also holds a 14.67% interest in the Abu Dhabi Marine Operating Company, ADMA-OPCO, offshore concession, and 10% interests in both the Abu Dhabi Gas Liquefaction Company (ADGAS) and the National Gas Shipping Company (NGSCO). BP's net share of oil and gas production from Abu Dhabi is approximately 95,000 barrels of oil a day.


Clic here to read the story from its source.