focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar 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
25 Jan 2022 17:05

LONDON MARKET CLOSE: Europe follows NY rebound but Fed jitters linger

LONDON MARKET CLOSE: Europe follows NY rebound but Fed jitters linger

Read more
25 Jan 2022 09:47

Capricorn Energy's Egyptian acquisition exceeding expectations

Capricorn Energy's Egyptian acquisition exceeding expectations

Read more
25 Jan 2022 00:01

UK government commits 32 mln pounds for floating wind projects

By Nina ChestneyLONDON, Jan 25 (Reuters) - The British government said on Tuesday it will commit nearly 32 million pounds ($42 million) to fund the development of floating offshore wind projects to help lessen its dependence on gas, the price of w...

Read more
24 Jan 2022 21:23

Lyondell Houston oil refinery sale in focus ahead of investor call

By Erwin SebaHOUSTON, Jan 24 (Reuters) - Chances for a quick sale of LyondellBasell Industries' Houston oil refinery are dwindling with several other refineries competing for buyers, said people familiar with the matter on Monday.The petrochemical...

Read more
21 Jan 2022 19:17

UPDATE 1-Royal Dutch no more - Shell officially changes name

(Adds details, background)By Ron BoussoLONDON, Jan 21 (Reuters) - Shell officially changed its name on Friday, ditching "Royal Dutch", which has been part of its identity since 1907, following plans to scrap its dual share structure and move its h...

Read more
21 Jan 2022 18:48

Shell officially drops Royal Dutch from name

LONDON, Jan 21 (Reuters) - Shell said on Friday it has officially changed its name from Royal Dutch Shell Plc to Shell Plc as part of its plan to scrap its dual share structure and move its head office from the Netherlands to Britain."Shell annou...

Read more
21 Jan 2022 09:38

LONDON BROKER RATINGS: Berenberg ups Rentokil; Citi cuts Computacenter

LONDON BROKER RATINGS: Berenberg ups Rentokil; Citi cuts Computacenter

Read more
21 Jan 2022 08:30

UPDATE 6-Oil majors TotalEnergies and Chevron withdraw from Myanmar

* Another example of Western firms leaving after coup* Had talked with French, U.S. about targeted sanctions* Was not possible to implement them* Sees junta as here to stay (Adds comment by TotalEnergies, details, bullet points)By Benjamin Mallet an...

Read more
21 Jan 2022 08:30

UPDATE 5-Oil majors TotalEnergies and Chevron withdraw from Myanmar

(Adds PTTEP's reaction, Shell)By Benjamin Mallet and Florence TanPARIS, Jan 21 (Reuters) - Oil majors TotalEnergies and Chevron Corp, partners in a major gas project in Myanmar, said on Friday they were withdrawing from the country, citing the wor...

Read more
20 Jan 2022 20:34

Mexico's Pemex says closes acquisition of Deer Park refinery

MEXICO CITY, Jan 20 (Reuters) - Mexican state oil company Petroleos Mexicanos (Pemex) on Thursday said it had finalized the complete acquisition of the Deer Park refinery in Texas from Royal Dutch Shell, its longstanding partner at the facility.Pe...

Read more
20 Jan 2022 19:21

UPDATE 3-Shell to supply crude to Pemex's Texas refinery under long-term pact

* Formal handover completed and new directors installed* Mexico to receive up to 230,000 bpd of gasoline, fuels (Adds transfer boosts Pemex in negotiations with suppliers)By Adriana Barrera and Ana Isabel MartinezMEXICO CITY/HOUSTON, Jan 20 (Reuters...

Read more
20 Jan 2022 19:21

UPDATE 2-Shell to supply crude to Pemex's Texas refinery under long-term pact

* Formal handover completed and new directors installed* Mexico to receive up to 230,000 bpd of gasoline, fuels (Adds statements by Shell, Pemex confirming agreement)By Adriana Barrera and Ana Isabel MartinezMEXICO CITY/HOUSTON, Jan 20 (Reuters) - M...

Read more
20 Jan 2022 17:45

Shell, UK regulators revive talks on North Sea gas field development

By Ron Bousso and Dmitry ZhdannikovLONDON, Jan 20 (Reuters) - Royal Dutch Shell and British regulators have revived talks on developing the Jackdaw gas field in the North Sea as the government struggles with soaring gas and power prices, company a...

Read more
20 Jan 2022 17:26

Pemex taking control of Texas refinery on Thursday, sources say

MEXICO CITY, Jan 20 (Reuters) - Mexican state oil company Petroleos Mexicanos (Pemex) will on Thursday take control of the Deer Park refinery in Texas, after concluding the purchase of Royal Dutch Shell's half of that plant, two people familiar wi...

Read more
20 Jan 2022 17:02

LONDON MARKET CLOSE: FTSE 100 down as BP, Shell and AB Foods weigh

LONDON MARKET CLOSE: FTSE 100 down as BP, Shell and AB Foods weigh

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.