10/02/2015
Provided by the "BP" and "Shell"
«ADNOC» decide on the oil concession period of 40 years Offers
It is expected thatAbu Dhabi National OilCompany"ADNOC"receivedthis weekon therevisedoffersof"BP" and "Royal Dutch Shell"to win thestakesin thegroundoilconcessionof 40 years.
He informed theagency"Reuters"sourcethat "BP" and "Shell"Tlguetarequest toincreasethe signingbonus, acash amountpaid in advanceso that they conformwithwhat I expounded on"Total"Frenchwhichhas alreadyrenewedits concession.
A secondsource"provided"BP"and"Shell"presentations(amending)has beenmeasuredwell received."The source said thatADNOCmaymake a declaration"soon".
The"ADNOC"hassigned an agreementonJanuary 29(January) with a "Total"companytoget ashare of10 per centin the newfranchiseand helpthe largestoil fieldsin the UAErun.Another source saidthatis also expected toget"Shell" and "BP"onshares of10 per centifthey agreedto the terms ofADNOCwhileAsiansnew partnersmay obtain theremainingpercentages.
A spokesman for the"Shell", addingthat the company"is present inAbu Dhabifor more thanseven decadesandwe aspireto remaina partner inthe future of energyin the Emirate."
It was not possibletoimmediatelycontacta company, "BP"for comment.
Thenine companiescompetedquotapresented infranchiseAbu Dhabi Company for Onshore Oil OperationsLtd. (ADCO), whichbecame availableafter theorderof 40 yearswith Westernoil companies,the end of theagreementinJanuary(Jan)2014.
Each of the"Exxon"Mobiland "Shell" and "Total"and "BP"holdsa sharecontribution of9.5per cent in thefranchiseADCO.
Afterthe agreementtothe end oflast year,the ownership ofthe entirefranchisemovedtoADNOC,whilethe political leadershipin Abu Dhabibeganstudyingthe involvement ofAsian companies, according todiplomaticsources ofoil.
And provided"Shell" and "Total"and "BP"new offerings,whileExxondecided not tocompete.
On theother competitors, Occidental PetroleumandEni,the Italian-AmericanNationalFoundationandthe Chinese oilandNorway's StatoilOil CorporationKoreanandJapaneseInpex.
And providedeach companyoffer toshare5 percentand another10 per cent.
Fieldsproduces1.6 millionbarrels per dayproductionis expected toreach1.8 millionbarrels per dayfrom2017.
Thefirst sourceis expectedunder the newfranchiseto getcompaniesona fee ofUS $2.85per barrel,compared toone dollarin the previousfranchise.
