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Foreign media: Huaxin energy has conducted in-depth negotiations on the acquisition of land oil field interests in the United Arab Emirates

foreign media: Huaxin energy has conducted in-depth negotiations on the acquisition of land oil field interests in the United Arab Emirates

December 21, 2016

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according to two industry sources familiar with the situation, on Monday (December 19), private enterprise China Huaxin energy is conducting in-depth negotiations on the acquisition of 40 year development rights and interests of land oil fields in the United Arab Emirates

one of the sources said that Huaxin energy was discussing with Abu Dhabi National Oil Company (ADNOC) to try to acquire a 10% interest in Abu Dhabi onshore oil company (ADCO). The onshore oil concessions operated by ADCO have a total resource of billion barrels of oil equivalent

he also said that it was not clear how much equity Huaxin energy could ultimately obtain, but it was estimated that a 10% equity would cost about $2.2 billion

adnoc said on Saturday (December 17) that it had signed an agreement with BP, the British oil giant, to sell 10% of ADCO for $2.2 billion

the source pointed out that ADNOC is also negotiating the sale of mining rights with Asian companies from China, India and South Korea, as well as European companies such as shell and Statoil

adnoc spokesman said, "as for the remaining 12% of ADCO's onshore oil exploitation rights, we are also negotiating with a number of international partners." ADNOC holds 60% of the mining rights that exceed the conventional configuration after all

adco mining rights include bab, bu hasa, Shah and AsAb oilfields, with a daily oil production of 1.6 million barrels, which is expected to reach 1.8 million barrels from 2017. According to the survey of foreign media, the output of UAE in November was 3.1 million barrels/day

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