Bids studied for Zadco stake

12 July 2002

The Supreme Petroleum Council is expected to make an award by December of a 28 per cent stake in offshore operator Zakum Development Company (Zadco)to an international oil company (IOC). Bids are under evaluation from five IOCs - the UK's BP, TotalFinaElf of France, Japan Oil Development Company (Jodco), and ExxonMobil Corporation and ChevronTexaco Corporation, both of the US (MEED 6:10:00).

At present, Abu Dhabi National Oil Company (ADNOC) owns 88 per cent of Zadco, and Jodco holds the remaining 12 per cent. The sale of a 28 per cent stake to an IOC will result in ADNOC reducing its share to 60 per cent.

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