Asian and western firms have bid to help operate the UAE’s biggest oilfields after a deal with oil majors expired this year but the Gulf Arab state is yet to decide whether to let Asian oil buyers in for the long haul, sources said.
A final decision on the winning firms is unlikely before early 2015 as political leaders in Abu Dhabi, the capital of the United Arab Emirates, weigh whether to bring in Asian firms or stick with old partners, industry and diplomatic sources said.
At least one oil major, ExxonMobil, appears to have decided against bidding, according to sources.
ExxonMobil, Royal Dutch Shell, Total and BP — have each held 9.5 per cent equity stakes in the Abu Dhabi Company for Onshore Oil Operations (ADCO) concession since the 1970s. Portugal’s Partex had a 2pc stake, and the rest was held by state run Abu Dhabi National Oil Company (ADNOC).
US firm Occidental Petroleum Corp, Italy’s ENI, China National Petroleum Corp. (CNPC), Norway’s Statoil, Japan’s Inpex and Korea National Oil Corp have bid for the new deal according to media sources.
