Cosmo Oil close to Abu Dhabi oil deal

26 May 2010

Cosmo Oil Co, one-fifth owned by the Abu Dhabi government, has revealed one of its subsidiaries, Abu Dhabi Oil, is close to finalising a 30-year extension on its stakes in three oil fields in Abu Dhabi and the granting of a new concession area in the emirate, Reuters has reported. Abu Dhabi Oil will likely be the sole holder of the new concession area, as it is with the three existing fields, Mubarraz, Umm Al Anbar and Neewat Al Ghalan, Cosmo said. The three fields currently produce about 24,000 barrels of oil per day.

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