Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 4-Total awarded stake in new Abu Dhabi oil concession, steps up pressure on peers

Thu, 29th Jan 2015 13:18

* ADNOC wants other oil firms to improve terms

* Shell gets ADNOC proposal -spokesman

* Shell, BP may get 10 pct stake each if terms agreed-source

* Onshore concession dates to '70s, yields over half UAE oil (Adds ADNOC source, Total spokeswoman)

By Michel Rose and Rania El Gamal

PARIS/DUBAI, Jan 29 (Reuters) - Total became thefirst oil major to renew a 40-year onshore concession in AbuDhabi, putting its peers under pressure to improve terms afterthe local partner said the French firm made the best offer.

The state-run Abu Dhabi National Oil Company (ADNOC) signedan agreement on Thursday with Total giving the firm a 10 percentstake in the new concession to help operate the United ArabEmirates' biggest oilfields.

Nine Asian and Western firms bid for stakes in the Abu DhabiCompany for Onshore Oil Operations (ADCO) concession after adeal with Western oil majors dating back to the 1970s expired inJanuary 2014.

Four oil majors -- ExxonMobil, Royal Dutch Shell, Total and BP -- had each held 9.5 percentequity stakes in the ADCO concession since the 1970s.

After the deal expired last year, ADNOC took 100 percent ofthe concession as political leaders in Abu Dhabi weighed upwhether to bring in Asian firms or stick with old partners,industry and diplomatic sources said.

Shell, Total and BP have made new bids, while Exxon hasdecided against bidding, sources have told Reuters.

The concession signed with Total was effective from Jan. 1,2015, and covers Abu Dhabi's 15 principal onshore oilfields thatrepresent more than half of the Gulf emirate's production.

"Total is honoured to be the first international oil companyto be chosen ... and to be entrusted with the mission oftechnical leader on two major groups of fields," Chief ExecutiveOfficer Patrick Pouyanne said in a statement.

ADNOC said in a statement that Total "presented the besttechnical and commercial offers." More companies will be addedto the concession soon, ADNOC said.

A Total spokeswoman said the company's margin on the dealwas better than the previous concession, although commercialdetails could not be divulged.

A Shell spokesman said the company had received a proposalfrom ADNOC regarding the company's bid for the onshoreconcession, giving no further details. BP declined to comment.

An ADNOC source told Reuters the firm is negotiatingseparately with other companies to bring their offers in linewith Total's.

"Shell and BP could also get a 10 percent stake each asTotal," the ADNOC source said, adding that Korea National OilCorp. was likely to get a 5 percent share, if agreed on terms.He did not elaborate on the remaining 5 percent stake.

U.S. firm Occidental Petroleum Corp, Italy's ENI, China National Petroleum Corp. (CNPC), Norway'sStatoil and Japan's Inpex have also bid.

An Inpex spokesman had no comment on Thursday.

Each company submitted two proposals -- one for a 5 percentstake and another for 10 percent, with a one-year validity, butbids were later extended.

The fields produce 1.6 million barrels per day and areexpected to reach 1.8 million bpd from 2017. (Additional reporting by Stanley Carvalho in Abu Dhabi, GusTrompiz in Paris, and Osamu Tsukimori in Tokyo; Editing by DavidEvans and Mark Heinrich)

More News
17 Nov 2021 14:52

EXECUTIVE CHANGES: Deliveroo adds Flutter CEO to board; new Quarto CEO

EXECUTIVE CHANGES: Deliveroo adds Flutter CEO to board; new Quarto CEO

Read more
17 Nov 2021 10:07

UPDATE 1-LNG industry launches 'carbon neutral’ framework

(Adds context, rics to wider audience)By Susanna Twidale and Marwa RashadLONDON, Nov 17 (Reuters) - An international liquefied natural gas (LNG) body on Wednesday launched a framework for rules to declare cargoes carbon neutral as it seeks to make ...

Read more
17 Nov 2021 08:01

Russia's Rosneft acquires Shell's 37.5% stake in German refinery PCK Schwedt

MOSCOW, Nov 17 (Reuters) - Russian oil giant Rosneft has acquired Shell's 37.5% stake in German refinery PCK Schwedt, it said on Wednesday, exercising an option to buy and taking its shareholding to 91.67%.Italy's Eni holds a 8.33% stake in the re...

Read more
15 Nov 2021 18:56

North American natgas traders form company to better process trades

Nov 15 (Reuters) - A group of North American natural gas trading firms said on Monday they formed a new company called Eleox to manage post-trade processes more efficiently.The firms include units of BP PLC, Castleton Commodities International LLC...

Read more
15 Nov 2021 18:22

North Sea Crude-Forties steady, Brent diff edges lower

LONDON, Nov 15 (Reuters) - The North Sea Forties crude differential held steady on Monday while Brent slipped after two deals.* Royal Dutch Shell said on Monday it would scrap its dual share structure and move its head office to Britain from the ...

Read more
15 Nov 2021 17:10

LONDON MARKET CLOSE: Miners weigh on FTSE 100; Shell simplifies

LONDON MARKET CLOSE: Miners weigh on FTSE 100; Shell simplifies

Read more
15 Nov 2021 13:41

Shell shake-up leaves Dutch royally hacked off

By Toby SterlingAMSTERDAM, Nov 15 (Reuters) - Royal Dutch Shell's decision https://www.reuters.com/world/uk/shell-proposes-single-share-structure-tax-residence-uk-2021-11-15 to move its corporate headquarters and tax base to London may win over sha...

Read more
15 Nov 2021 12:37

GLOBAL MARKETS-Upbeat China data bolsters sentiment, oil tumbles

* China data lifts sentiment, boosts Aussie dollar* Sentiment in Europe tempered by rising COVID infections* Oil prices down more than 1%* Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn* Graphic: World FX rates http://tmsnrt.rs/2egbfVh (...

Read more
15 Nov 2021 12:16

Shell to move head office to the UK, drop dual share structure

(Sharecast News) - Royal Dutch Shell is to overhaul its complex corporate structure, including shifting its headquarters to the UK and changing its name.

Read more
15 Nov 2021 12:04

LONDON MARKET MIDDAY: Caution sets in ahead of UK inflation, jobs data

LONDON MARKET MIDDAY: Caution sets in ahead of UK inflation, jobs data

Read more
15 Nov 2021 11:05

TOP NEWS SUMMARY: Shell simplifies; BBVA and Heineken buy

TOP NEWS SUMMARY: Shell simplifies; BBVA and Heineken buy

Read more
15 Nov 2021 10:43

UPDATE 2-European stocks clock fresh record highs; miners slide

* STOXX 600, DAX, CAC 40 hit record highs* Airbus boosts French stocks* BBVA drags down Spanish benchmark index (Adds comments, updates prices throughout)By Anisha Sircar and Shreyashi SanyalNov 15 (Reuters) - European shares hit another record peak...

Read more
15 Nov 2021 10:07

UPDATE 2-Cineworld, CMC markets help UK midcaps outperform bluechip FTSE 100

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Shell climbs on plans for single-share structure* CMC soars on plans to split into two* Cineworld jumps on box office revenue recovery* FTS...

Read more
15 Nov 2021 09:37

UPDATE 1-Dutch government 'unpleasantly surprised' by Shell HQ move to Britain

(Updates with details of Dutch tax issues)AMSTERDAM, Nov 15 (Reuters) - The Dutch government said on Monday it was "unpleasantly surprised" by news that Royal Dutch Shell PLC is planning to move its headquarters to London from The Hague."The Cabin...

Read more
15 Nov 2021 09:01

Key takeaways from the Shell restructuring plan

Nov 15 (Reuters) - Royal Dutch Shell will simplify its business by scrapping its dual share structure and change its name to Shell Plc, the company said on Monday, also shifting its tax residence to Britain from the Netherlands.** Shareholders wil...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.