The 75-year Abu Dhabi Company for Onshore Operations (ADCO) concession expired in January, ending the participation of the so-called legacy partners – BP, Shell, Total and ExxonMobil – in an upstream operation that allowed the companies to book reserves for a less than satisfactory remuneration of $1/b.
Parent company ADNOC, which previously held a 60% stake in ADCO, has taken over full operation of the 1.6mn b/d cluster of onshore fields as it evaluates bids from qualified companies. BP and its IOC partners held 9.5% stakes each in the former concession with Partex holding 2.5%. (CONTINUED - 636 WORDS)
