Abu Dhabi becomes top BP shareholder

BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi's production. The deal will dramatically raise BP's share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year. In Abu Dhabi it owns stakes in several oil and gas operations, including a 15% interest in offshore oil and gas fields. In November BP blamed the falling price of oil for a near 50% fall in third quarter profits. In October it announced that it was abandoning a plan to drill for oil off the south coast of Australia.

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