BP has cemented its relationship with Abu Dhabi in a long-awaited renewal of an onshore oil concession in the country. The group signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi’s ADCO onshore oil concession, which has a life of 40 years. In addition to the interest in the ADCO concession, BP becomes a 10% shareholder in ADCO, the Abu Dhabi Company for Onshore Petr
20 Dec 2016
$3.4bn deal for the year end
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$3.4bn deal for the year end
BP p.l.c. (BP:LON) | 524 3.1 0.1% | Mkt Cap: 88,116m
- Published:
20 Dec 2016 -
Author:
Alexandre Andlauer -
Pages:
2
BP has cemented its relationship with Abu Dhabi in a long-awaited renewal of an onshore oil concession in the country. The group signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi’s ADCO onshore oil concession, which has a life of 40 years. In addition to the interest in the ADCO concession, BP becomes a 10% shareholder in ADCO, the Abu Dhabi Company for Onshore Petr