Al Bhatti
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13-Apr-2014
UAE Energy Minister Hopes Western Partners Keep Oilfields Role
ExxonMobil, Royal Dutch Shell, Total and BP have each held 9.5 per cent equity stakes in the ADCO concession since the 1970s.
The energy minister of the United Arab Emirates said on Friday he hoped Western oil companies historically in charge of Abu Dhabi’s biggest oilfields would keep a role, but that no one was assured of keeping their seat when concessions are renewed.
“There is a process. (…) What’s important is that it’s fair to the newcomers as it is to the previous shareholders. This is a lifetime exercise and we have to do it right,” Suhail bin Mohamed Al Mazrouei told reporters on the sidelines of a conference in Paris.
The OPEC member country has held a 60 per cent stake in Abu Dhabi Company for Onshore Oil Operations (ADCO) since acquiring an interest in fields that produce over half the United Arab Emirates’ oil.
Four of the world’s largest stock market-listed energy companies – ExxonMobil, Royal Dutch Shell, Total and BP – have each held 9.5 per cent equity stakes in the ADCO concession since the 1970s and would be keen to prolong their involvement.
After their deal expired on Jan. 11, Abu Dhabi National Oil Company (ADNOC) took 100 per cent of the ADCO concession in what was seen as a temporary measure while political leaders in the UAE decide whether to let Asian oil buyers in for the long haul.
“No one is assured to keep a seat, it’s a bidding, we wish everyone good luck, especially our legacy partners, they are the best and understand the fields because they’ve been there for 70 years, we hope they will be among those who are winning,” Al Mazrouei said.
“They’ve been with us for a very long time, they understand the fields. I think they will have a good chance,” he added.
UAE Energy Minister Hopes Western Partners Keep Oilfields Role » Gulf Business
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April 13, 2014
General Sheikh Mohamed bin Zayed Al Nahyan receiving Zhang Yesui, Executive Vice Minister of Foreign Affairs of China, in Abu Dhabi on Sunday.
Mohamed receives China minister
Discusses developing the modern Silk Road
General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E.
Armed Forces, on Sunday at Al Mamoura, received Zhang Yesui, Executive Vice Minister of Foreign Affairs of the People's Republic of China, who is on a current visit to UAE.
Sheikh Mohamed bin Zayed welcomed the senior Chinese official and discussed with him the friendly relations between UAE and China and ways of bolstering and promoting them in the service of the common interests of the two countries and their peoples.
During the meeting, Sheikh Mohamed bin Zayed received a letter from Xi Jinping, President of China, to the President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
The Chinese Executive Vice Minister of Foreign Affairs conveyed greetings from the Chinese president to the President His Highness Sheikh Khalifa bin Zayed Al Nahyan and his best wishes of good health for him.
Sheikh Mohamed bin Zayed Al Nahyan made note of the common aspiration for developing the Silk Road through a modern approach that would further bolster communication between the Arab region and China. He also noted that "this development is necessary because our aspirations remain high despite the constant growth of our relations."
At the meeting, the two sides also exchanged views on the regional and international issues and matters of common interest.
Present at the meeting today were, Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of State Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority (EAA), Mohammed Mubarak Al Mazrouei, Undersecretary of the Court of the Crown Prince of Abu Dhabi, and Omar Al-Bitar, U.A.E. Ambassador to China, from U.A.E. side, and Chen Xiaodong, Director-General of Department of West Asian and North African Affairs at the Ministry of Foreign Affairs, Huang Jiemin, Ambassador of China to U.A.E. from the Chinese side.
Mohamed receives China minister - Emirates 24/7
UAE Energy Minister Hopes Western Partners Keep Oilfields Role
ExxonMobil, Royal Dutch Shell, Total and BP have each held 9.5 per cent equity stakes in the ADCO concession since the 1970s.
The energy minister of the United Arab Emirates said on Friday he hoped Western oil companies historically in charge of Abu Dhabi’s biggest oilfields would keep a role, but that no one was assured of keeping their seat when concessions are renewed.
“There is a process. (…) What’s important is that it’s fair to the newcomers as it is to the previous shareholders. This is a lifetime exercise and we have to do it right,” Suhail bin Mohamed Al Mazrouei told reporters on the sidelines of a conference in Paris.
The OPEC member country has held a 60 per cent stake in Abu Dhabi Company for Onshore Oil Operations (ADCO) since acquiring an interest in fields that produce over half the United Arab Emirates’ oil.
Four of the world’s largest stock market-listed energy companies – ExxonMobil, Royal Dutch Shell, Total and BP – have each held 9.5 per cent equity stakes in the ADCO concession since the 1970s and would be keen to prolong their involvement.
After their deal expired on Jan. 11, Abu Dhabi National Oil Company (ADNOC) took 100 per cent of the ADCO concession in what was seen as a temporary measure while political leaders in the UAE decide whether to let Asian oil buyers in for the long haul.
“No one is assured to keep a seat, it’s a bidding, we wish everyone good luck, especially our legacy partners, they are the best and understand the fields because they’ve been there for 70 years, we hope they will be among those who are winning,” Al Mazrouei said.
“They’ve been with us for a very long time, they understand the fields. I think they will have a good chance,” he added.
UAE Energy Minister Hopes Western Partners Keep Oilfields Role » Gulf Business
---------------------------------
April 13, 2014
General Sheikh Mohamed bin Zayed Al Nahyan receiving Zhang Yesui, Executive Vice Minister of Foreign Affairs of China, in Abu Dhabi on Sunday.
Mohamed receives China minister
Discusses developing the modern Silk Road
General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E.
Armed Forces, on Sunday at Al Mamoura, received Zhang Yesui, Executive Vice Minister of Foreign Affairs of the People's Republic of China, who is on a current visit to UAE.
Sheikh Mohamed bin Zayed welcomed the senior Chinese official and discussed with him the friendly relations between UAE and China and ways of bolstering and promoting them in the service of the common interests of the two countries and their peoples.
During the meeting, Sheikh Mohamed bin Zayed received a letter from Xi Jinping, President of China, to the President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
The Chinese Executive Vice Minister of Foreign Affairs conveyed greetings from the Chinese president to the President His Highness Sheikh Khalifa bin Zayed Al Nahyan and his best wishes of good health for him.
Sheikh Mohamed bin Zayed Al Nahyan made note of the common aspiration for developing the Silk Road through a modern approach that would further bolster communication between the Arab region and China. He also noted that "this development is necessary because our aspirations remain high despite the constant growth of our relations."
At the meeting, the two sides also exchanged views on the regional and international issues and matters of common interest.
Present at the meeting today were, Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of State Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority (EAA), Mohammed Mubarak Al Mazrouei, Undersecretary of the Court of the Crown Prince of Abu Dhabi, and Omar Al-Bitar, U.A.E. Ambassador to China, from U.A.E. side, and Chen Xiaodong, Director-General of Department of West Asian and North African Affairs at the Ministry of Foreign Affairs, Huang Jiemin, Ambassador of China to U.A.E. from the Chinese side.
Mohamed receives China minister - Emirates 24/7
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