Gulf Oil and Gas accountACCOUNT

Mubadala to Hold Abu Dhabi's 2% Stake in BP

Source: Reuters 12/19/2016, Location: Middle East

Share |
The 2 percent stake in BP sold to Abu Dhabi in exchange for a holding in Abu Dhabi Company for Onshore Petroleum Operations (ADCO) will be controlled by Mubadala Development Co, its spokesman was quoted by The National newspaper as saying.

The firm became the second Western oil major to renew a 40-year onshore concession in Abu Dhabi after almost two years of negotiations to improve terms to help operate the United Arab Emirates' biggest oilfields.

In exchange for the 10 percent stake in ADCO, BP agreed to issue new ordinary shares to Abu Dhabi worth 1.76 billion pounds ($2.20 billion).

We will be owning and managing the shares on behalf of the Abu Dhabi government consistent with our portfolio and mandate as an investment company," Brian Lott was quoted in the local newspaper report.

A newspaper report, without attributing to anyone, says BP stake will be considered a passive investment and it was not yet clear whether Abu Dhabi will seek BP board representation.

The ADCO concession, including the Bab, Bu Hasa, Shah and Asab fields, has total resources of between 20 billion-30 billion barrels of oil equivalent over the term of the concession. The fields produce 1.6 million barrels per day (bpd) and are expected to reach 1.8 million bpd from 2017.

Acquisitions and Divestitures News in United Arab Emirates >>

Australia >>  12/13/2017 - Cue Energy Resources Ltd (CUE) is pleased to advise that through its 100% owned subsidiary, Cue Exploration Pty Ltd, it has agreed to extend the 42.5...
Russia >>  12/12/2017 - NOVATEK has concluded an agreement to acquire Chernichnoyefrom oil company 'Mangazeya' JSC. The transaction is expected to close in early 2018. ...

United Kingdom >>  12/11/2017 - Premier has entered into a sale and purchase agreement (SPA) to sell its entire equity interest in the Esmond Transportation System (ETS) pipeline to ...
United States >>  12/11/2017 - Oasis Petroleum Inc. has entered into a definitive purchase and sale agreement with Forge Energy to acquire 20,300 net acres in the Delaware Basin (th...

United States >>  12/8/2017 - CMA CGM Group, a world leader in maritime transport, announces that it has completed the acquisition of MERCOSUL Line. MERCOSUL Line is one of the lea...
Malaysia >>  12/6/2017 - Hibiscus Petroleum, Malaysia’s first listed independent oil and gas exploration and production company, announced that it has received unconditional c...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

More News

 

Oil & Gas Companies in United Arab Emirates >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.