News // Companies
BP shut out of ADCO tender renewal
11 July 2012 , 09:241258
BP has been shut out of the tender process for the renewed licence at Abu Dhabi’s oil field, a major blow to the company’s operations in the GCC.
According to Petroleum Intelligence Weekly (PIW), BP’s fellow supermajors ExxonMobil, Total and Shell, which also hold 9.5% stakes in the concession, have all been invited to tender, but BP has not.
PIW reports that BP’s rejection occurred despite personal lobbying by British Prime Minister David Cameron to Sheikh Mohammad bin Zayed al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
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