UAE's main oil company in talks over offshore oil stakes

By The Associated Press

The United Arab Emirates' main state oil company says it plans to divvy up its offshore oil operations and is in "advanced discussions" with multiple companies interested in stakes.

 

DUBAI, United Arab Emirates (AP) — The United Arab Emirates' main state oil company says it plans to divvy up its offshore oil operations and is in "advanced discussions" with multiple companies interested in stakes.

The Abu Dhabi National Oil Company said on Monday that more than a dozen companies are involved in the talks, and that they include both existing partners and new firms. It did not name them.

International shareholders with existing stakes in offshore fields include BP, Total and Exxon Mobil.

ADNOC plans to split its offshore oil concessions into two or more separate operations and will retain a 60 percent stake in the fields.

ADNOC last month announced plans to create joint ventures with international investors and may float some shares in an effort to raise billions of dollars.

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