Abu Dhabi National Oil Company (ADNOC) has sent out the invitations to pre-qualified international firms to bid for the renewal of a shared license to operate a selection of the emirates onshore oilfields
ADNOC delivered the packages containing information about the bidding parameters and process to pre-qualified oil companies earlier this week, Energy Intelligence quoted industry officials as saying.
The invited companies, believed to include eight to 10 firms, have six months to submit their proposals.
ADNOC holds a 60 per cent controlling stake in Abu Dhabi Company for Onshore Oil Operations (ADCO), who operates the concession.
The remaining 40 per cent is shared between BP, ExxonMobil Corporation, Royal Dutch Shell, Total SA and Partex Oil & Gas.
ADNOC has already asked Abu Dhabi's Supreme Petroleum Council a one-year extension to the concession. The council is yet to approve the extension proposal.
The ADCO concession, which covers six main deposits, is the largest in the country with capacity to produce about 1.5mn bpd.
The UAE has been planning to increase its total output capacity to 3.5mn bpd by 2017, from its current total output capacity of around 2.85mn bpd.
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