International oil companies given six months to submit proposals
Abu Dhabi National Oil Company (Adnoc) has invited companies to bid on the renewal of its onshore oil fields concession, according to a media report.
The state-owned group has sent documents to between eight and 10 prequalified international oil companies (IOC) vying for a stake in a new joint venture, Energy Intelligence reported, citing industry sources.
The IOCs now have six months to submit bids for the deal, which will replace the existing Abu Dhabi Company for Onshore Oil Operations (Adco): a joint venture of Adnoc, BP, ExxonMobil, Shell, Total and Portugal’s Partex formed in 1978.
On 17 March, Adnoc’s director-general Abdulla Nasser al-Suwaidi told reporters that the renewal was still on track for 1 January 2014, denying reports that it has been delayed by a year.
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