Abu Dhabi National Oil Co. (ADNOC) has become the sole shareholder of Abu Dhabi Co. for Onshore Oil Operations (ADCO) after the expiration this month of a 75-year-old concession involving participation by international oil companies.
The international companies participated under production-sharing terms that, according to the US Energy Information Administration, valued crude oil at $1/bbl.
In a country profile issued last month, EIA estimated that in 2012 ADCO produced oil from its main fields at rates of 430,000 b/d from Asab, Sahil, and Shah (SAS); 360,000 from Bab; 550,000 b/d from Bu Hasa; and 100,000 b/d from Dabbiya, Rumaitha, and Shanayel (Northeast Bab).
ADCO has projects under way to raise production from Bu Hasa, Bab, and the SAS fields by 200,000 b/d. Its concession covers shallow offshore as well as onshore fields.
The International Energy Agency said in its January Oil Market Report that ADNOC has invited 10 companies to seek new onshore contracts. The companies include the former partners as well as Rosneft, Eni, Statoil, Korea National Oil Corp., and China National Petroleum Corp.