Abu Dhabi National Oil Co (Adnoc) will have the option of retaining 60% of the fields once they reach the production phase. “We are engaging with partners who actually put skin in the game,” Sultan Ahmed Al Jaber, CEO of government-owned Adnoc, said at a conference in Abu Dhabi. It won rights to develop crude and gas deposits in Abu Dhabi last year, and it wants to partner in Qatar’s liquefied natural gas projects. Abu Dhabi holds about 6% of global crude reserves and pumps most of the UAE’s oil. Adnoc aims to boost oil production capacity to 5 million barrels a day by 2030 from more than 3 million now.

Source: Bangkok Post January 12, 2019 08:26 UTC