Dec 17, 2016
BP takes $2.4bn stake in Abu Dhabi oilfields
BP has agreed a $2.4bn deal for a stake in Abu Dhabi's largest oilfields, in the latest sign of the UK oil group replenishing its portfolio after years of retrenchment. The investment will give BP 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which currently stands at about 1.66m barrels of oil per day, for the next 40 years. The Abu Dhabi government has been trying to secure new partners for its onshore oilfields since the expiry of a previous long-term agreement with BP and Total as well as Royal Dutch Shell and ExxonMobil in 2014. Bob Dudley, BP chief executive, said the Abu Dhabi agreement "Will provide BP with long-term access to significant and competitive resources that we already understand very well". As well as its deals with Total and BP, Abu Dhabi has sold stakes of 5 and 3 per cent respectively to Inpex of Japan and GS Energy of South Korea.
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