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(Arabian oil and gas)
-- BP CEO Bob Dudley has been wooing Abu Dhabi's government ahead of its
decision on the renewal of its long-term oil production contract for Adco, the
emirate's largest onhore oil concession, and used a press conference to affirm
the supermajor's commitement to raise production at Iraq's Rumaila oil
field.
"Abu Dhabi and the emirates have been important to BP for 70 years,"
Dudley told a press conference in the Emirate yesterday. "And we'd want to
continue to cooperate with people, technology."
BP currently has a 9.5% interest in the 1.4 million barrels per day Abu
Dhabi Company for Onshore Oil Operations (Adco), under a long-term contract that
is due to come to an end in 2014. The Abu Dhabi National Oil Company has
confirmed that a decision on who is to participate in the renewed contract will
be made within the next few months, and has warned IOCs to expect changes from
the current contracts, under which margins are tight but not much is expected
from ADNOC's partners.
mrcplast.com
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