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FINANCIAL NEWS
Shell wants to renew Abu Dhabi oil rights after 2014
02 Nov 2011
(MENAFN) A top official at Royal Dutch Shell said lately that the company is very interested in keeping its stake in an onshore oil partnership in Abu Dhabi after the rights expire in 2014, Bloomberg reported.
Shell has a stake in Adnoc’s onshore unit, Abu Dhabi Co for Onshore Oil Operations, until 2014.
John Barry, the company’s chairman in Abu Dhabi also said that Shell wants to participate in a new natural-gas project in the Gulf emirate, aimed at meetingthe rising domestic demand for the fuel.
He added that Shell is currently targeting the renewal of oil rights in Abu Dhabi and in maintaining its 15 percent stake in Abu Dhabi Gas Industries (GASCO) which is developing the Abu Dhabi’s onshore gas reserves.
90 percent of UAE’s oil resides in Abu Dhabi; accounting for about seven percent of the world’s proven oil reserves, according to BP.
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