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ADNOC, China’s CEFC in talks for stake at ADCO

The source added that it was not clear how much of a stake CEFC would ultimately win, but estimated a 10% stake would cost around $2.2bn

by Yasmin Helal

Privately-run CEFC China Energy is in advanced talks with State-owned Abu Dhabi National Oil Co. (ADNOC) to acquire stake of the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), according to Reuters.

Sources have revealed that the agreement should come under a 40-year deal, two industry sources with knowledge of the discussions told Reuters.

ADCO operates onshore oil concessions with total resources of between 20bn to 30bn barrels of oil equivalent.

The source added that it was not clear how much of a stake CEFC would ultimately win, but estimated a 10% stake would cost around $2.2bn.

ADNOC has earlier announced that it struck a $2.2bn deal with BP for a 10% stake in the ADCO concession.

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