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Abu Dhabi to Identify Partner for Bab Gas Field

Source: Bloomberg 3/17/2013, Location: Middle East

Abu Dhabi is close to identifying a partner to help produce natural gas at the Middle Eastern emirate’s Bab field and is on schedule to renegotiate contracts for its largest onshore oil fields, officials said.

State-owned Abu Dhabi National Oil Co. has recommended one of two international companies that were in the running to develop gas at Bab, Mohammed Sahoo Al Suwaidi, head of the company’s gas directorate, said. The company, known as Adnoc, is awaiting government approvals for the proposal, and a decision is imminent, he said.

Arab energy exporters Abu Dhabi and Iraq are among those that have tapped foreign expertise to help produce crude and natural gas, giving their partners a share of any output or paying them in return. Abu Dhabi holds 2.9 percent of the world’s gas reserves and 6 percent of its oil, according to data from BP’s 2012 annual statistical review.

Adnoc will select partners for its largest onshore oil areas in 2014 as planned, director general Abdulla Nasser al- Suwaidi said, dismissing reports that contract talks would be extended by one year.

“We are still progressing as scheduled,” al-Suwaidi said. Al-Suwaidi and Sahoo Al Suwaidi spoke to reporters at the inauguration of a solar power plant about 120 kilometers (75 miles) from the city of Abu Dhabi.

For more information about related Opportunities and Key Players visit GCC Oil and Gas Projects

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

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