UAE oil firm in talks over off­shore oil stakes

Kuwait Times - - BUSINESS -

DUBAI: The United Arab Emi­rates’ main state oil com­pany says it plans to divvy up its off­shore oil op­er­a­tions and is in “ad­vanced dis­cus­sions” with mul­ti­ple com­pa­nies in­ter­ested in stakes.

The Abu Dhabi Na­tional Oil Com­pany said yes­ter­day that more than a dozen com­pa­nies are in­volved in the talks, and that they in­clude both ex­ist­ing part­ners and new firms. It did not name them.

In­ter­na­tional share­hold­ers with ex­ist­ing stakes in off­shore fields in­clude BP, To­tal and Exxon Mo­bil.

ADNOC plans to split its off­shore oil con­ces­sions into two or more sep­a­rate op­er­a­tions and will re­tain a 60 per­cent stake in the fields. ADNOC last month an­nounced plans to cre­ate joint ven­tures with in­ter­na­tional in­vestors and may float some shares in an ef­fort to raise bil­lions of dol­lars. —AP

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