Abu Dhabi’s onshore crude concessions are being renewed under a bidding process that may allow the largest US and European oil companies that previously worked those fields to have a ‘good chance’ of winning renewals, according UAE Energy Minister Suhail Mohammed Al-Mazrouei.
“Unless they aren’t aggressive in giving us value, I think they will have a very good chance,” the minister told reporters today at an oil conference in Paris. “They are the best in understanding the field because they have been there for 70 years and we hope they will be among the winners,” Al-Mazrouei told Bloomberg.
Exxon Mobil, BP , Royal Dutch Shell Plc and Total SA lost their rights as shareholders in the company operating Abu Dhabi’s onshore oil fields after their joint venture expired at the start of the year. Rumours have suggested that Asian oil companies may take the majority stake in the new concession deals, or that Russian oil majors will make a surprise play for the fields, however, as yet nothing has been confirmed.
Adnoc took full control of the unit operating the fields while completing a bidding process to award new concessions. The minister today didn’t give a timeframe for when a decision would be reached.
“No one is guaranteed a seat,” he told Bloomberg. “It’s a bidding. We wish everyone good luck, especially our legacy partners.”
