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ADNOC may extend concessions until 2014
- United Arab Emirates: Tuesday, February 26 - 2013 at 03:24
Abu Dhabi National Oil Co (Adnoc) is weighing the option of extending the agreement for its largest onshore oilfield, which is due to expire at the end of 2013 for another year, Reuters has reported, citing industry sources. The country's concession system allows oil and gas producers to acquire equity in hydrocarbon resources from the OPEC member country. The Adco concession which produces around 1.5 million barrels per day is the first for renewal. Adnoc sources said no final decision was taken on concessions and that it was still under evaluation. "The announcement would come from the Supreme Petroleum Council," one Adnoc source said.
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