The United Arab Emirates’ state-owned oil company Abu Dhabi National Oil Company is preparing to open a tender for onshore oilfield concessions. ADNOC will invite companies, including current partners, to bid for the concessions before they come up for renewal in 2014.
The Abu Dhabi Company for Onshore Oil Operations (ADCO) concessions will be put out to tender after a screening process of the companies interested is completed, reports The National. ADNOC director general Abdulla Nasser Al Suwaidi said that companies that meet the minimum requirements defined by ADNOC would be invited to bid.
ADNOC holds a 60% interest in ADCO, while multinational companies including ExxonMobil, Shell, BP, Total and Partex Oil & Gas hold the remaining stakes.
The upcoming bidding process could provide an opportunity for Asian companies to take part in Abu Dhabi’s oil and gas fields. Oil in the emirate is being produced by Western oil firms including Shell, BP and ExxonMobil at the onshore fields under a concession deal that dates back to 1939.
The oilfield concessions in Abu Dhabi will increase the crude oil production capacity of the UAE from 2.7 million barrels per day to 3.5 million barrels per day by 2017.
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