NewBase 19 December 2016 - Issue No. 977 Senior Editor Eng. Khaled Al Awadi
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UAE: ADCO offer BP 10% of Abu Dhabi’s onshore oilfields for US$2.2bn
The National - Anthony McAuley
BP has taken a 10 per cent stake in Abu Dhabi’s main onshore oilfield concession after a prolonged negotiation, agreeing to pay about US$2.2 billion for the stake through the issue of new shares.
As part of the deal, BP will become the manager of the Bab oilfield, one of the six main oilfields in the Abu Dhabi Company for Onshore Oil Operations (Adco) concession.
In an unusual move, BP has agreed to pay for its stake through the issue of new ordinary shares representing about 2 per cent of its issued share capital, to be held on behalf of the Abu Dhabi Government.