ABU DHABI Feb 20 Abu Dhabi awarded a 4 percent
stake in its giant onshore oil concession to CEFC China Energy
Co for a fee of 3.3 billion dirhams ($900 million), state-owned
Abu Dhabi National Oil Co (ADNOC) said on Monday.
The stake is the last to be awarded in the concession after
international energy companies including Total, BP
and China's CNPC secured stakes. ADNOC owns 60 percent of
The onshore fields, operated by Abu Dhabi Company for
Onshore Petroleum Operations (ADCO, have total resources
estimated at between 20 billion and 30 billion barrels of oil
equivalent over the term of the concession.
On Sunday, CNPC secured an 8 percent stake in ADCO for about
For little-known, privately run CEFC the deal, which has a
term of 40 years and is backdated to the start of 2015, marks
one of its largest oil investments outside China.
Chinese oil executives said last week that both CNPC and
CEFC were set to sign the concession deals with ADNOC after
having obtained state regulatory clearance for the investments.
France's Total was the first major oil company to renew its
involvement in the concession, securing a 10 percent stake in
January 2015 and putting its rivals under pressure to improve
terms after ADNOC said Total made the best offer.
In December, BP struck a similar pact with ADNOC for a 10
Other Asian energy companies were granted smaller stakes.
INPEX Corp of Japan and GS Energy of South Korea
received 5 percent and 3 percent stakes respectively.
(Reporting by Stanley Carvalho, additional reporting by Chen
Aizhu in Beijing; Writing by Andrew Torchia; Editing by Susan