Abu Dhabi National Oil Co. to Split Offshore Oil Concession

By Summer SaidFeaturesDow Jones Newswires

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.

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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 summer.said@wsj.com

(END) Dow Jones Newswires

August 07, 2017 05:43 ET (09:43 GMT)