Abu Dhabi's Adnoc ‘Open’ to More Partners at Onshore Oil Fields
- State producer awarded 18% share of production rights so far
- Adnoc was seeking foreign partners for up to 40% of venture
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Abu Dhabi National Oil Co. is willing to accept additional partners at its main onshore fields, a senior company official said, almost a year after awarding less than half the production rights it offered for the deposits in a bidding round.
The Persian Gulf emirate, which holds about 6 percent of proven global oil reserves, is investing to boost output capacity to 3.5 million barrels a day of oil by 2017 from about 3 million currently. Total SA of France won a 10 percent stake in Abu Dhabi’s onshore joint venture, but other former partners in the project including Exxon Mobil Corp., BP Plc and Royal Dutch Shell Plc either declined to bid or wouldn’t meet Adnoc’s terms.