Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai
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Competitors Total SA, Eni SpA and others will take a share of the three licenses in Abu Dhabi, an emirate that produces 6 percent of the world's oil.Companies including Total, Eni, Cia Espanola de Petroleos and China National Petroleum Corp. won stakes of as much as 20 percent in the UAE concessions, while Abu Dhabi National Oil Co. kept 60 percent. BP had held 14.7 percent of an ADNOC unit that operated some of the fields. BP reported double-digit production growth last year. Elsewhere in the Middle East, BP and its partners are eyeing growth in Iraq, where they're pumping more than 1.5 million barrels a day from the nation's biggest oil field, Rumaila.BP probably decided its remaining onshore concession – and its stake in Rumaila – give it enough "low-risk" barrels, he said.
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