Abu Dhabi to operate main onshore oil fields alone

Abu Dhabi says it will produce and market crude on its own from its main onshore oil fields after a shared license to run the fields expires later this month.

State-run Abu Dhabi National Oil will not renew its 75-year oil-production agreement with BP, Exxon Mobil XOM, Royal Dutch Shell (RDS.A, RDS.B), Total (TOT) and others to run the fields, which produce more than half the United Arab Emirates' crude output of 2.8M bbl/day.

Abu Dhabi also had green-lighted Occidental Petroleum (OXY), China National Petroleum (PTR), Statoil (STO), Rosneft (RNFTF) Japan's Inpex and Korea National Oil to bid.

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Comments (4)
  • kayaka
    , contributor
    Comment (1) | Send Message
    This is an exciting news. I hope ADNOC would be a successful operator and produce much higher volume of oil and gas although their fields are now in the difficult development stage.
    8 Jan 2014, 09:59 PM Reply Like
  • Leroy D
    , contributor
    Comments (3) | Send Message
    Maybe they will be as successful Mexico.
    9 Jan 2014, 01:18 AM Reply Like
  • xomstock
    , contributor
    Comments (470) | Send Message
    I doubt that.
    9 Jan 2014, 09:13 AM Reply Like
  • User 11697471
    , contributor
    Comment (1) | Send Message
    Having actually met with representatives from ADNOC in Abu Dhabi back in early December I can say that this is most likely a one year interim course of action. It was my understanding that they would take 100% ownership of concession for one year while they review bids and also test to see if they can handle the entire project. I suppose there is also a probability that they could continue to decide to "go it alone", but I would doubt it.
    9 Jan 2014, 10:12 AM Reply Like
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