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: November 24, 2014
UAE. Qatar and UAE share equal first place globally, with Saudi Arabia in third position; Overall tax cost and compliance burden lower for businesses around the world.
date:Posted: November 24, 2014
UAE. Low interest rates, evolving investment strategies and a growing appetite for alternative asset classes causing shift in SWF investment strategies; Regional SWFs are viewing the West with caution and have redirected a portion of their funds back into the Middle East.
date:Posted: November 24, 2014
UAE. The gap between low market expectations and actual investment potential in the resources sector has reached very attractive levels; Resource equity returns are now increasingly driven by improved capital allocation and restructuring within companies, making stock selection ever more key.
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