"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UAE sees keen interest for largest oilfields on revised terms: Minister
Published in Daily News Egypt on 13 - 01 - 2014

Reuters – Abu Dhabi has received strong interest from international firms for participating in its largest oilfields, the UAE oil minister said, as it weighs continuing previous partnerships with Western oil giants or letting big Asian buyers take stakes.
Abu Dhabi National Oil Company (ADNOC) took full control of the biggest oilfields in the United Arab Emirates (UAE) when its decades-old venture with four of the world's largest oil companies ended on 11 January.
Under the concession arrangement, ADNOC held a 60% controlling stake in the Abu Dhabi Company for Onshore Oil Operations (ADCO) oilfields, while ExxonMobil, Royal Dutch Shell, Total and BP, each held 9.5% stakes.
Several companies, including those whose participation in the concession have expired are interested in joining the project with revised terms, UAE's oil minister Suhail bin Mohammed al-Mazroui told reporters.
"Most of the existing partners are involved and expressed keen interest to participate," he said.
"There was a criteria that ADNOC announced. This was based on technology because the challenges moving forward are different than the challenges we had when we started," the minister, who is in New Delhi to attend industry event Petrotech 2014, said.
Abu Dhabi is the capital of the UAE, which is a member of the Organization of Petroleum Exporting Countries (OPEC). UAE's concession system allows oil and gas producers to acquire equity in hydrocarbon resources. ADCO's output is about 1.6 million barrels per day (bpd).
The western oil majors have partnered Abu Dhabi since decades but several Asian energy companies are keen to take stakes in fields that mostly supply oil to the Asian market. These would offer a chance for UAE to strengthen political ties with its biggest oil buyers such as China, Korea and Japan.
The minister, however, said that western companies have agreed to continue working with ADNOC until new contracts are finalised.
"There is an arrangement between us and those companies to continue until we finalise the contract. Now, ADNOC is responsible for sale of all of the crude," he said.
The Gulf nation has the capacity to produce 3 million barrels per day (bpd) and is currently producing 2.8 million bpd.
"Our production goes up and down depending on the market demand. Priority is market should be well supplied of the OPEC crude and UAE is doing its role in that context," al-Mazroui said.
ADNOC aims to raise output from its largest onshore oilfields to 1.8 million bpd in two years as the country aims for a 3.5 million bpd export capacity by 2017, he said.
ADNOC has a term contract to supply 230,000 bpd to Indian refiners but actual purchases go up to as high as 280,000 bpd as these companies also purchase from the spot market.
"As some members of OPEC like Libya and Iraq are experiencing difficulties, so we are producing as much as we can to ensure that markets are well-supplied," he added.
The minister also said that the expansion of Ruwais refinery of Abu Dhabi Oil Refining Co (Takreer) will be completed by end-2014. The expansion was earlier planned to be completed in the first quarter of 2014.
The minister did not specify the reasons for the delay. The Ruwais refinery has a capacity of 415,000 bpd and expansion work is underway to more than double it. The new refinery would process Abu Dhabi's Murban crude oil grade.


Clic here to read the story from its source.