ADNOC to Spplit Huge Oil Concession, in Talks with Potential Partners

State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.

 

Adnoc is in advanced talks with more than a dozen potential partners, the company said. The current operating licence for the concession will expire next March.

 

The potential partners are a mix of existing concession holders in Adnoc's offshore oilfields and new participants, Adnoc said without identifying them.

 

Adnoc will retain a 60 percent shareholding in the new concession areas.


(Reporting by Andrew Torchia; editing by Jason Neely)