South Korea’s GS Energy, which was not on the original list of foreign oil companies qualified to bid for a stake in Abu Dhabi’s onshore concession, has won a 3% stake in the newly formed Abu Dhabi Company for Onshore Petroleum Operations (Adco).
The surprise choice, which follows the award of a 5% stake to Japan’s Inpex, shows Abu Dhabi’s determination to bring a geographic mix into its upstream oil sector after decades of dominance by the Western oil majors. (CONTINUED - 724 WORDS)
