BP is still in discussions with state-owned Abu Dhabi National Oil Company (Adnoc) over the renewal of its major onshore concession, the UK oil major says.
Petroleum Intelligence Weekly claimed that BP – an existing Adnoc partner in Abu Dhabi Company for Onshore Operations (Adco) – was not invited to renew its partnership in the concession, while other existing partners, the US’ ExxonMobil, the UK/Dutch Shell and France’s Total, all received invitations.
“Constructive discussions are happening at all levels. This is all part of doing business,” said a spokesperson from London-based BP.
The four IOCs each hold a 9.5 per cent stake in Adco, which operates Abu Dhabi’s major onshore oilfields and accounts for almost 60 per cent of the UAE’s total crude output. Adnoc owns 60 per cent of the concession, with Portugal-based Partex holding the remaining two per cent.