January 8, 2014 / 3:20 PM / 4 years ago

UAE to take full control of ADCO oilfields -industry sources

DUBAI, Jan 8 (Reuters) - Abu Dhabi National Oil Company (ADNOC) will take full control of the ADCO oil concession when the decades-old partnerships with some of the world’s bigest oil companies ends in a few days’ time, two industry sources said on Wednesday.

ADNOC currently holds a 60 percent controlling stake in ADCO, while oil giants ExxonMobil, Royal Dutch Shell, Total and BP each hold 9.5 percent stakes.

After Jan. 11, ADNOC will take 100 percent of the interests in the concession, two industry sources said on Wednesday.

“The foreign partners will not retain any longer their interests. ADNOC will hold 100 percent of ADCO,” one industry source said.

The UAE’s concession system allows oil and gas producers to acquire equity in hydrocarbon resources and ADNOC has been operating the fields with the help of western oil majors for decades.

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