ADNOC likely to extend concessions for another year-sources (Reuters, 25/02/2013)

DUBAI, Feb 25 (Reuters) – Abu Dhabi National Oil Company ( ADNOC ) is considering the option of extending the agreement for its largest onshore oilfield which is due to expire at the end of 2013 for another year, industry sources said on Monday. No final decision has yet been made, ADNOC sources said. United Arab Emirates’ concession system allows oil and gas producers to acquire equity in hydrocarbon resources from the OPEC member country. The ADCO concession which produces around 1.5 million barrels per day is the first for renewal.

ADNOC holds a 60 percent controlling stake in ADCO while oil giants like ExxonMobil , Royal Dutch Shell , France’s Total and BP , which was initially excluded from the bidding round, each hold a 9.5 percent stake. Partex Oil and Gas also holds a 2 percent stake.

« My understanding is that the partnership that runs the concessions will continue to do that for another year, » an Abu Dhabi-based source said. ADNOC sources said no final decision was taken on concessions and that it was still under evaluation. « The announcement would come from the SPC, » one ADNOC source said.

The Supreme Petroleum Council is the highest authority responsible for petroleum affairs in the Emirate of Abu Dhabi, which has the largest share of the UAE’s oil and ambitious plans to invest $60 billion over the next five years to boost oil production capacity to 3.5 million barrels per day (bpd), from around 3 million bpd currently.

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