(Adds Mubadala spokesman's statement)
DUBAI, Dec 19 (Reuters) - State investment fund MubadalaDevelopment Co will control a 2 percent stake in BP soldto Abu Dhabi in exchange for a holding in Abu Dhabi Company forOnshore Petroleum Operations (ADCO), a spokesman said on Monday.
* The firm became the second Western oil major to renew a40-year onshore concession in Abu Dhabi on Saturday after almosttwo years of negotiations to improve terms to help operate theUnited Arab Emirates' biggest oilfields.
* In exchange for the 10 percent stake in ADCO, BP agreed toissue new ordinary shares to Abu Dhabi worth 1.76 billion pounds($2.20 billion).
* "The investment will sit within Mubadala and will bemanaged, as we have with previous investments made by Abu Dhabi,for the strategic benefit of the emirate," Mubadala spokesmanBrian Lott told Reuters.
* When asked if Mubadala would seek representation on BP'sboard, Lott said it was "too early to say".
* The ADCO concession, including the Bab, Bu Hasa, Shah andAsab fields, has total resources of between 20 billion-30billion barrels of oil equivalent over the term of theconcession. The fields produce 1.6 million barrels per day(bpd) and are expected to reach 1.8 million bpd from 2017.
* Mubadala is currently being merged with fellow stateinvestment fund International Petroleum Investment Company. ($1 = 0.8011 pounds) (Reporting by David French; Editing by Sherry Jacob-Phillipsand Jane Merriman)
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