BP excluded from early bidding for Abu Dhabi oil fields
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Fri July 6, 2012 11:19 am

UAE. BP Plc has been excluded from the pre-qualification bidding process to develop Abu Dhabi's largest onshore oil fields, the concession for which is set to expire in 2014, according to a report by the Petroleum Intelligence Weekly.

BP, which has been operating in the United Arab Emirates since 1931, did not receive a three-page letter inviting companies to submit applications to bid for acreage in Abu Dhabi that includes the Bu Hasa, Bab and Asab oil fields, part of the Abu Dhabi onshore Oil Operations (Adco) concession, the July 9 report said citing unnamed sources.

"It remains unclear why BP was not invited, the sources say, but the decision will almost certainly have been approved at the highest levels in Abu Dhabi," the report said. "Whatever the precise reason, it represents a humiliating snub for the UK major."

Oil majors Exxon Mobil Corp, Royal Dutch Shell Plc and Total SA were among companies invited to participate in the pre-qualification bidding round, the report said.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 28, 2016
UAE. 51% of all Dubai hotels in mid-market segment versus 89% in New York; PwC research released at ATM 2016 touts construction figure of US$80k per room as incentive for developers looking for solid returns in high demand segment.
date:Posted: April 27, 2016
UAE. Residential values drop 2.2% in Q1 2016; Strongest quarterly decrease in five years and the seventh consecutive quarterly decline, according to Cluttons.
date:Posted: April 27, 2016
SAUDI ARABIA. Although this represents positive news, the key will be the materialization of infrastructure projects and utilizing white lands to reverse the recent slowdown.
dhgate