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UAE minister backs Western oil firms

Abu Dhabi, April 12, 2014

The UAE energy minister said on Friday he hoped Western oil companies historically in charge of Abu Dhabi's biggest oilfields would keep a role, but that no one was assured of keeping their seat when concessions are renewed.

"There is a process. (...) What's important is that it's fair to the newcomers as it is to the previous shareholders. This is a lifetime exercise and we have to do it right," Suhail bin Mohamed Al Mazrouei told reporters on the sidelines of a conference in Paris.

The Opec member country has held a 60 per cent stake in Abu Dhabi Company for Onshore Oil Operations (ADCO) since acquiring an interest in fields that produce over half the UAE's oil.

Four of the world's largest stock market-listed energy companies - ExxonMobil, Royal Dutch Shell, Total and BP - have each held 9.5 per cent equity stakes in the ADCO concession since the 1970s and would be keen to prolong their involvement.

After their deal expired on January 11, Abu Dhabi National Oil Company (Adnoc) took 100 per cent of the ADCO concession in what was seen as a temporary measure while political leaders in the UAE decide whether to let Asian oil buyers in for the long haul.

"No one is assured to keep a seat, it's a bidding, we wish everyone good luck, especially our legacy partners, they are the best and understand the fields because they've been there for 70 years, we hope they will be among those who are winning," Al Mazrouei said.

"They've been with us for a very long time, they understand the fields. I think they will have a good chance," he added.-Reuters




Tags: UAE | Energy |

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