Abu Dhabi, Oct 4 (IANS/WAM) The Abu Dhabi National Oil Company (ADNOC) has affirmed that Abu Dhabi Company for Onshore Oil Operations (ADCO) will continue its operations without disruption after the expiry of the concession of the consortium currently operating the onshore fields, which is due to expire at the beginning of next year.
ADNOC, in a press release, affirmed that “the 75-year onshore oil concession will expire early next year, however, ADCO will continue its operation without disruption until the new concession is granted after a decision is taken on the new bids which will be submitted during this month”.
“Regardless of the bidding process and whether or not new partners have been selected immediately, the business operations of ADCO, which manages assets worth $40 billion, will continue as usual,” ADNOC said.
Producing 60 percent of Abu Dhabi’s oil production and 80 percent of its gas production, ADCO, an affiliate of ADNOC, one of the oldest oil companies in the region, is working with a consortium that currently includes BP, Total, ExxonMobil, Royal Dutch Shell and Portugal’s Partex.
ADNOC said that due to the high level of professionalism and the highly valued assets, a large number of international companies are interested in submitting their bids to partner with ADNOC.
ADCO is carrying out projects and activities to increase its production capacity to 1.8 million barrels per day by 2017.