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FINANCIAL NEWS
Adnoc takes full control of country’s biggest oilfields
14 Jan 2014
(MENAFN) Abu Dhabi National Oil Company (Adnoc) has taken full control of the UAE’s biggest oilfields when its venture with four global oil companies ended on January 11, Khaleej Times reported.
Under the expired agreement, ExxonMobil, Royal Dutch Shell, Total and BP had 9.5 percent each in the Abu Dhabi Company for Onshore Oil Operations (Adco), while Adnoc had a 60 percent stake.
The UAE Energy Minister said: “Most of the existing partners are involved and expressed keen interest to participate.”
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