The United Arab Emirates' state energy company said it would split one of its most important offshore oil concessions and is in advanced talks with more than a dozen potential partners to improve its returns.
Abu Dhabi National Oil Co , or Adnoc, will split its ADMA-OPCO concession into two, or more, concessions with new terms, it said in an emailed statement on Monday.
Continue Reading Below
The concession will be comprised of a mix of the Lower Zakum field, Umm Shaif, Nasr, Umm Lulu and Satah Al Razboot.
Potential partners for development of the concession comprise a mix of existing concession holders in Adnoc's offshore oilfields and new participants.
The current concession, dating back to 1953 and producing about 700,000 barrels a day, expires in March. Its current shareholders are BP PLC, Total SA, and Japan Oil Development Co.
The Abu Dhabi government will continue to hold a 60% stake in the new concession areas.
Write to Summer Said at firstname.lastname@example.org
(END) Dow Jones Newswires
August 07, 2017 05:43 ET (09:43 GMT)