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Vol. IX Issue. 5
Abu Dhabi says BP not invited in June to bid for onshore oil

17 July 2012

July 15, 2012. BP Plc wasn't invited last month to bid for onshore oilfield concessions in the United Arab Emirates, the Abu Dhabi National Oil Co. said. BP said it was still in talks with Abu Dhabi about renewing rights to produce oil in the Middle Eastern emirate, after a report indicated the company had been excluded from negotiations. BP, Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA and Partex Oil & Gas are shareholders in output from Abu Dhabi's main onshore oil fields, under concession agreements that the international companies or their forebears have held since 1939. Adnoc became a partner in the 1970s, forming Abu Dhabi Co. for Onshore Oil Operations, which has the rights for six main deposits until 2014. Abu Dhabi holds more than 90 percent of the crude in the U.A.E., one of the few Middle Eastern countries that allow overseas companies to explore for and produce oil within its borders. The five foreign partners as well as other producers may participate in bidding for Abu Dhabi's 1.4 million barrel-a-day onshore oil rights as current contracts expire.

      
 
 
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