DUBAI, Feb 25 (Reuters) - Abu Dhabi National Oil Company(ADNOC) is considering the option of extending the agreement forits largest onshore oilfield which is due to expire at the endof 2013 for another year, industry sources said on Monday.
No final decision has yet been made, ADNOC sources said.
United Arab Emirates' concession system allows oil and gasproducers to acquire equity in hydrocarbon resources from theOPEC member country. The ADCO concession which produces around1.5 million barrels per day is the first for renewal.
ADNOC holds a 60 percent controlling stake in ADCO while oilgiants like ExxonMobil, Royal Dutch Shell,France's Total and BP, which was initiallyexcluded from the bidding round, each hold a 9.5 percent stake.
Partex Oil and Gas also holds a 2 percent stake.
"My understanding is that the partnership that runs theconcessions will continue to do that for another year," an AbuDhabi-based source said.
ADNOC sources said no final decision was taken onconcessions and that it was still under evaluation. "Theannouncement would come from the SPC," one ADNOC source said.
The Supreme Petroleum Council is the highest authorityresponsible for petroleum affairs in the Emirate of Abu Dhabi,which has the largest share of the UAE's oil and ambitious plansto invest $60 billion over the next five years to boost oilproduction capacity to 3.5 million barrels per day (bpd), fromaround 3 million bpd currently.
BP (BP.)
