Dhaka, Wednesday, May 22, 2019 05:10 PM   
     
Home Energy BD Energy World Green Energy Opinion Interview Environment Business Others Archive
LATEST >
বাংলা সংস্করণ
   
BP signs $2.2 bn Abu Dhabi oil deal

British oil giant BP secured a 10-percent share in an onshore oil concession in Abu Dhabi on Saturday in a deal worth $2.2 billion, the companies said.

BP signed an agreement with Abu Dhabi National Oil Company (ADNOC) to take a stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO) which operates the 40-year concession.

“This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well,” BP chief executive Bob Dudley said in a statement.

BP said it would pay Abu Dhabi with new shares worth £1.76 billion ($2.2 billion), leaving the emirate with a two-percent stake in the British company.

BP will second up to 50 technical staff to ADCO, whose oilfields produce 1.4 million barrels per day.

“This agreement marks a milestone in our efforts to forge new partnership models that bring technology, expertise and financing aimed at maximizing the value of our resources and supporting the transfer of knowledge,” ADNOC chief executive Sultan Ahmed Al Jaber said.

In January, French giant Total clinched a 10-percent participating share in the concession. Inpex Corp. of Japan secured five percent and South Korea’s GS Energy three percent.

BP had held a 9.5-percent stake in a 75-year concession that expired in late 2014.

Other companies with shares in the old concession included Total, Exxon of the United States, Anglo-Dutch firm Shell and Portugal’s Partex.

Print PDF

   You may also like

Category: Other Countries
India, China, US see 70% rise in energy demand: IEA

Category: Other Countries
Oil rises to 2019 highs on strong China demand despite economic slowdown

Category: Other Countries
Russia to supply nuclear fuel for China’s fast-neutron reactor

Category: Other Countries
Power Unit 4 of the China’s Tianwan NPP goes for operations

Category: Other Countries
Asian LNG demand to quadruple by 2030

Category: Other Countries
ABB nears sale of power grids to Hitachi in $11 billion deal

Category: Other Countries
World’s only floating nuclear power plant gets ready to connect to Russian grid

Category: Other Countries
China overtakes Japan to become world’s top natural gas importer

Category: Other Countries
OPEC oil output rises to highest since 2016 despite Iran
     
    RECENT STORIES   MOST READ
    FOLLOW US ON FACEBOOK
    Recent Other Countries Stories
India, China, US see 70% rise in energy demand: IEA
Oil rises to 2019 highs on strong China demand despite economic slowdown
Russia to supply nuclear fuel for China’s fast-neutron reactor
Power Unit 4 of the China’s Tianwan NPP goes for operations
Asian LNG demand to quadruple by 2030
ABB nears sale of power grids to Hitachi in $11 billion deal
World’s only floating nuclear power plant gets ready to connect to Russian grid
China overtakes Japan to become world’s top natural gas importer
OPEC oil output rises to highest since 2016 despite Iran
Chinese nuclear power unit built with Russian assistance connects to grid


Explore the energynewsbd.com
Home
Energy World
Opinion
Environment
Others
Energy BD
Green Energy
Interview
Business
Archive
About Us Contact Us Terms & Conditions Privacy Policy Advertisement Policy