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ADNOC Wants to Keep Current UAE Oil Concession Structure

Source: Reuters 11/11/2012, Location: Middle East

Abu Dhabi National Oil Co (ADNOC) is willing to keep the current structure of its oil and gas concessions in the United Arab Emirates unchanged, and will present its recommendation to the Supreme Petroleum Council of Abu Dhabi by early next year at the latest, ADNOC'S director-general said.

"It is our recommendation to have the same format. but this will be submitted to the SPC and they can decide if they want to change," Abdulla Nasser Al Suwaidi told reporters on the sidelines of an oil and gas conference.

The UAE's concession system allows oil and gas producers to acquire equity in hydrocarbon resources from the OPEC member country. The first concession renewal is coming up in 2014.

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