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Web Exclusive | August 2017

ADNOC in discussions for new offshore oil concession

The Abu Dhabi National Oil Company (ADNOC) announced that it is in advanced discussions with more than a dozen potential partners who have expressed a significant interest in the offshore concession, currently operated by the Abu Dhabi Marine Operating Company (ADMA-OPCO) that expires next March. The potential partners are a mix of existing concession holders in ADNOC’s offshore fields and new participants.

The announcement comes shortly after ADNOC unveiled the expansion of its strategic partnership model, as well as the active management of its portfolio of assets. ADNOC’s new approach, which builds on its flexible and enhanced operating model as well as its 2030 growth strategy, will enable the company to unlock and maximize value from across the Group. The new approach will deliver improved revenue streams and ensure smart growth, while also enhancing performance and securing greater access for ADNOC’s products in key growth markets.

The existing ADMA-OPCO concession will be split into two, or more, concessions with new terms to unlock greater value and increase partnership opportunities. The concession will be comprised of a mix of the Lower Zakum field, Umm Shaif, Nasr, Umm Lulu and Satah Al Razboot (SARB) fields. ADNOC, on behalf of the Abu Dhabi government, will retain a 60% shareholding in the new concession areas.

HE Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of ADNOC said, “We have received great interest in the concessions from both existing and potential new partners. Discussions are progressing well and companies have been drawn by our stable investment environment and ADNOC’s reliability as a partner, as well as the attractive and sustainable returns that will be generated.”

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