Category: Abu Dhabi

(Bloomberg) — Total SA won bidding to develop the biggest onshore oil deposits in the United Arab Emirates, making the French energy company the first to be chosen by Abu Dhabi to pump more crude amid a global supply glut. Abu Dhabi National Oil Co. awarded Total 10 percent of the main land-based concession in the U.A.E.’s largest sheikhdom, for 40 years starting Jan. 1, 2015, the Paris-based company said in an e-mailed statement on Thursday. Adnoc, as the government-owned producer is known, confirmed the award and said it will name other partners “soon.” Total’s stake would account for oil output generating $2.83 billion a year based on yesterday’s closing Brent price of $48.47 a barrel. Middle Eastern energy suppliers including the U.A.E. are expanding their capacity to produce crude for export as well as to boost output of natural gas, which they burn as fuel in local power […]

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DUBAI, United Arab Emirates — Abu Dhabi, the largest and wealthiest member among the seven states in the United Arab Emirates, is shaking up its oil industry . It has allowed the expiration of some longstanding concessions to major Western oil companies and is considering replacing at least some of them with partners from Asia and elsewhere. For more than seven decades, the Abu Dhabi National Oil Company, also known as Adnoc, shared the operation of Abu Dhabi’s oil fields, the biggest onshore producers in the United Arab Emirates, with companies including Exxon Mobil , Royal Dutch Shell, Total and BP , under the umbrella of the Abu Dhabi Company for Onshore Oil Operations. The concessions, for 75 years, expired in January, but Abu Dhabi has yet to say which of the Western companies will have their rights renewed. There are also likely to be new entrants, possibly including […]

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Abu Dhabi said it would continue to produce and market crude alone from its main onshore oil fields after a shared license to run the fields expires later this month. State-run Abu Dhabi National Oil Co., known as Adnoc, said Wednesday it wouldn’t renew its 75-year oil-production agreement with BP BP.LN +1.04% BP PLC U.K.: London GBp 498.00 +5.15 +1.04% Jan. 9, 2014 11:27 am Volume : 5.77M P/E Ratio 6.14 Market Cap GBp92.08 Billion Dividend Yield 4.66% Rev. per Employee GBp2,864,460 01/08/14 Abu Dhabi to Operate Main Onsh… 01/03/14 Reliance Industries to Up Outp… 01/01/14 Asian Refiners Get Squeezed by… More quote details and news » BP.LN in Your Value Your Change Short position PLC, Exxon Mobil Corp. XOM -0.33% Exxon Mobil Corp. U.S.: NYSE $ 100.74 -0.33 -0.33% Jan. 8, 2014 4:00 pm Volume (Delayed 15m) : 11.07M AFTER HOURS $ 100.74 0.00 0.00% Jan. 8, 2014 […]

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