Gulf Oil and Gas accountACCOUNT

Abu Dhabi Awards China's CEFC 4 pct of Oil Concession for $900 mln

Source: Reuters 2/20/2017, Location: Middle East

Share |
Abu Dhabi awarded a 4 percent stake in its giant onshore oil concession to CEFC China Energy Co for a fee of 3.3 billion dirhams ($900 million), state-owned Abu Dhabi National Oil Co (ADNOC) said.

The stake is the last to be awarded in the concession after international energy companies including Total, BP and China's CNPC secured stakes. ADNOC owns 60 percent of the concession.

The onshore fields, operated by Abu Dhabi Company for Onshore Petroleum Operations (ADCO, have total resources estimated at between 20 billion and 30 billion barrels of oil equivalent over the term of the concession. On Sunday, CNPC secured an 8 percent stake in ADCO for about $1.8 billion.

For little-known, privately run CEFC the deal, which has a term of 40 years and is backdated to the start of 2015, marks one of its largest oil investments outside China.

Chinese oil executives said last week that both CNPC and CEFC were set to sign the concession deals with ADNOC after having obtained state regulatory clearance for the investments.

France's Total was the first major oil company to renew its involvement in the concession, securing a 10 percent stake in January 2015 and putting its rivals under pressure to improve terms after ADNOC said Total made the best offer.

In December, BP struck a similar pact with ADNOC for a 10 percent stake. Other Asian energy companies were granted smaller stakes.? INPEX Corp of Japan and GS Energy of South Korea received 5 percent and 3 percent stakes respectively.

Acquisitions and Divestitures News in United Arab Emirates >>

United States >>  2/15/2018 - Oil Search advises that its acquisition of a 25.5% interest in the Pikka Unit and adjacent exploration acreage and a 37.5% interest in the Horseshoe B...
Australia >>  2/14/2018 - Woodside Petroleum said it would raise A$2.5 billion ($1.96 billion) from shareholders to fund the purchase of ExxonMobil Corp’s stake in the Scarboro...

Indonesia >>  2/14/2018 - Lion Energy, an ASX listed oil & gas exploration & production company focused on Indonesia, has advised it is undertaking a strategic review of its oi...
United States >>  2/14/2018 - LINN Energy, Inc. (LNGG) announces that it has signed a definitive agreement to sell its interest in conventional properties located in west Texas to ...

Australia >>  2/12/2018 - Carnarvon Petroleum has informed shareholders that it has been awarded the AC/P63 permit within the Southern Vulcan Sub-basin, on Western Australia’s ...
Kuwait >>  2/12/2018 - Kuwait Energy plc signed Block 9, Iraq Farm-out Agreement with Dragon Oil (a wholly-owned subsidiary of Emirates National Oil Company Ltd, the nationa...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  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.