Abu Dhabi National Oil Company (ADNOC) is in talks with potential partners for an offshore concession area that is currently operated by Abu Dhabi Maine Operating Company (ADMA-OPCO), Egypt Oil & Gas reports.
ADMA-OPCO’s concession will expire in March 2018.
ADNOC is looking to increase its crude-oil production capacity to 3.5 million barrels per day (b/d) in 2018 from its current capacity of 3 million b/d. The company plans to achieve this production target by splitting existing offshore concession areas and contracting with new partners, according to Oil Price.
The ADMA-OPCO operated concession will be split into two or more concessions to increase partnership opportunities and better utilize its holdings.
The concession will include a mix of the Satah Al Razboot (SARB), Umm Shaif, Lower Zakum, Umm Lulu, and Nasr fields.
ADNOC will retain a 60% share in the newly created concession areas.
“As part of ADNOC’s new partnership approach, we look forward to working with partners who will bring new and innovative thinking to the table. Partners who can demonstrate tangible value-add to our operations through technology, expertise, long term capital and market access, as well as a shared commitment to drive operational performance and efficiency to deliver smart growth and strong financial returns. Our ideal partners should also be willing to invest across different parts of our value chain,” said UAE Minister of State and Group CEO of ADNOC, Sultan Ahmed Al Jaber.