ExxonMobil declines Abu Dhabi onshore bid

22 July 2014

Abu Dhabi expected to make final decision on onshore oil fields in early 2015

US energy major ExxonMobil has declined to bid for a stake in Abu Dhabi’s onshore oil fields after 35 years as part of the previous concession, according to a report by Reuters.

ExxonMobil, the UK’s BP, the UK/Dutch Shell Group and France’s Total all held 9.5 per cent stakes in the Abu Dhabi Company for Onshore Oil Operations (Adco) joint venture, which expired in January when state-owned Abu Dhabi National Oil Company (Adnoc) took 100 per cent control of the fields.

BP, Shell Group and Total have all made new bids along with several other international oil companies (IOCs). However, according to sources quoted by Reuters, ExxonMobil has pulled its staff from the fields and decided not to bid.

Abu Dhabi is currently assessing the bids and is expected to make a final decision in early 2015. Other bidding companies are thought to include US-based Occidental Petroleum, Italy’s Eni, China National Petroleum Corporation, Norway’s Statoil and Korea National Oil Corporation.

ExxonMobil still has a presence in Abu Dhabi’s upstream sector with a 28 per cent stake in offshore operator Zakum Development Company (Zadco), which produces from the giant Upper Zakum field.

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