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Adnoc Assessing Bidders for Onshore Oil Concessions

Source: Bloomberg 4/22/2012, Location: Middle East

Abu Dhabi National Oil Co. is still preparing the final list of bidders to compete for on-shore oil concessions due to be awarded by 2014, Director General Abdulla Nasser Al Suwaidi said.

“We are now in the selection process of the bidders and we have not come up with the final list of bidders,” al Suwaidi told reporters today in Abu Dhabi. Current partners and new companies will be considered, he said.

Adnoc, as the state producer in the capital of the United Arab Emirates is known, is currently setting up the tendering process to accept bids for the oil fields, he said.

Adnoc owns 60 percent of Abu Dhabi Co. for Onshore Oil Operations, or ADCO, with Exxon Mobil Corp. (XOM), Royal Dutch Shell (RDSA) Plc, BP Plc, Total SA (FP) and Partex Oil & Gas holding the rest. Exxon Mobil, Shell and BP produce oil at onshore fields in Abu Dhabi under a concession agreement that dates back to 1939. The fields began commercial production in 1960 and Abu Dhabi’s state-run oil company joined as a partner in the 1970s, forming ADCO, which holds the concession for six main onshore fields until 2014.

Exxon Mobil, the world’s biggest company by market value, expects Abu Dhabi to change the terms for the Persian Gulf emirate’s main oil producing concession when the current agreement expires in 2014, Chief Executive Officer Rex Tillerson said Dec. 6.

Abu Dhabi holds more than 90 percent of crude in the U.A.E., one of the few Middle East states that allow foreign companies to explore for and produce oil within its borders.

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