Abu Dhabi National Oil Company (ADNOC) CEO Sultan al-Jaber says the door is still open for international oil companies (IOCs) to enter the joint venture to operate its onshore oil fields.

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State-owned Adnoc signed deals with IOCs in 2015 to make up 18 per cent international interest in Abu Dhabi Company for Onshore Petroleum Operations (Adco), but is still looking for partners to take an additional 22 per cent. Adnoc intends to retain a 60 per cent stake.

“As for the Adco concession, as you know we currently have participating partners, and we are pleased with their speed of integration within Adco,” Al-Jaber said in an interview with the UAE’s official Emirates News Agency (Wam)

“Having said that, the door is still open to discuss the participation of other international players in the remaining 22 per cent share in Adco.” 

In 2015, Adnoc awarded a 10 per cent stake in Adco to French oil major Total. Japan-based Inpex entered the joint venture with a 5 per cent stake, while South Korea’s GS Energy took a 3 per cent interest.

The previous Adco concession – including the UK’s BP, the US’ ExxonMobil, UK/Dutch Shell, Total and Portugal’s Partex – expired at the start of 2014 and Adnoc ran the fields with 100-per-cent ownership for more than a year.