BP signs onshore oil deal with Abu Dhabi worth $2.22 billion

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The deal grants BP a 10 percent stake in Abu Dhabi's ADCO onshore oil concession for 40 years.

BP became the second Western oil major to renew a 40-year onshore concession in Abu Dhabi on Saturday after nearly two years of negotiations to improve terms to help operate the United Arab Emirates' biggest oilfields.

"The economics are good for us and for our shareholders, and for BP it brings a strategic partner", chief executive officer Bob Dudley said in an interview in Abu Dhabi. ‎"The agreement includes BP becoming asset leader for the Bab asset group within the concession". Kuwait, which along with the United Arab Emirates is a member of the Organization of Petroleum Exporting Countries (Opec), owns 1.7%.

"This agreement will provide BP with long-term access to significant and competitive resources", said Mr Dudley. The British company said the new shares will be priced at 447 pence a share. In 2014, its stake in the onshore concession expired, leading to years of negotiations. BP also has stakes in offshore fields and a gas liquefaction company.

In addition to BP's share, France's Total SA also owns a 10pc stake in the concession, while Japan's Index Corp has a 5pc share and South Korea's GS Energy 3pc.

ADNOC said it "continues to look for partners to take up the remaining 12 percent stake of the 40 percent earmarked for foreign partners".

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