A general view of the Abu Dhabi skyline is seen, December 15, 2009. REUTERS/Ahmed Jadallah
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to combine two offshore oil units after price dropAbu Dhabi National Oil Co. will combine two offshore oil and natural gas ventures operated with partners including BP Plc. and ExxonMobil Corp. The process will be completed by early 2018 and overseen by a committee with members from Adnoc and concession holders including Total SA, BP and ExxonMobil.Abu Dhabi, holder of about 6 percent of global oil reserves, is reining in spending as the decline in oil prices slows economic growth, and plans to cut costs by combining its two biggest banks and merging two of its largest sovereign investment funds, International Petroleum Investment Co. and Mubadala Development Company PJSC.Adnoc owns 60 percent of Adma-Opco with the rest shared between BP, Japan Oil Development Co. Ltd., or Jodco, and Total. Adnoc's partners in Zadco are ExxonMobil and Jodco.
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