Abu Dhabi - Mubasher: The Abu Dhabi National Oil Company (ADNOC) signed a new agreement with British Petroleum (BP) on Saturday, according to a press release.
As per the agreement ADNOC is awarding the British oil and gas giant a 10% interest in Abu Dhabi’s onshore oil concession operated by ADCO, the Abu Dhabi Company for onshore petroleum operations.
The agreement was signed by Sultan Ahmed Al Jaber, ADNOC CEO, and Bob Dudley, BP group chief executive.
“BP has long been a strategic partner to Abu Dhabi and ADNOC … this agreement marks a milestone in our efforts to forge new partnership models that bring technology, expertise and financing aimed at maximizing the value of our resources and supporting the transfer of knowledge,” Al Jaber said.
“Today’s agreement marks a new phase in BP’s long relationship with Abu Dhabi and in particular ADNOC,” said Bob Dudley.
“This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well. We will bring our people, cutting-edge technology and experience of managing mature giant fields around the world to help maximise recovery from these assets,” he added.
As part of the agreement, BP will second up to 50 technical staff to ADCO, bringing technology, expertise and experience to support the ongoing efficient operation and development of the assets.
BP also holds a 14.67% interest in the Abu Dhabi Marine Operating Company, ADMA-OPCO, offshore concession, and 10% interests in both the Abu Dhabi Gas Liquefaction Company (ADGAS) and the National Gas Shipping Company (NGSCO), the statement indicated.
BP’s net share of oil and gas production from Abu Dhabi is approximately 95,000 barrels of oil a day.
