BP Continues To Pursue Concession Rights

News: UK oil major BP has submitted its bid for oil production rights in Abu Dhabi after the existing 75-year rights agreement expired, reports Bloomberg Businessweek. BP and up to nine other companies have submitted bids, but the company is not assuming success according to CEO Bob Dudley. State-owned Abu Dhabi National Oil Company (Adnoc) has taken control of the fields and is currently evaluating offers from producers looking for a stake in a new concession, although it may be about a year before rights are awarded, Dudley added.

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Related sectors of this article: Oil & Gas, Upstream, Development, Production
Geography: United Arab Emirates

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