UAE's main oil company in talks over offshore oil stakes

International shareholders with existing stakes in offshore fields include BP, Total and Exxon Mobil.

7 August 2017 | 14:19

Source: Associated Press

  • Source: Associated Press
  • Last update: 7 August 2017 | 14:19

The oil producer BP company logo at a petrol station in London, Tuesday, Aug. 1, 2017. BP's second-quarter earnings slipped 5 percent as the Deepwater Horizon disaster continued to weigh on the company. (AP Photo/Caroline Spiezio)

DUBAI, United Arab Emirates: The United Arab Emirates' main state oil company says it plans to divvy up its offshore oil operations and is in "advanced discussions" with multiple companies interested in stakes.

The Abu Dhabi National Oil Company said on Monday that more than a dozen companies are involved in the talks and that they include both existing partners and new firms. It did not name them.

International shareholders with existing stakes in offshore fields include BP, Total and Exxon Mobil.

ADNOC plans to split its offshore oil concessions into two or more separate operations and will retain a 60 percent stake in the fields.

ADNOC last month announced plans to create joint ventures with international investors and may float some shares in an effort to raise billions of dollars.

An-Nahar is not responsible for the comments that users post below. We kindly ask you to keep
 this space a clean and respectful forum for discussion.