Portugal's Partex eyes stake in ADCO concession

Company confident it will be invited to take part in the new concession

Picture for illustrative purpose only.
Picture for illustrative purpose only.

Portuguese oil company Partex is positive about securing a minority stake in the Abu Dhabi onshore concession due to be awarded by the Abu Dhabi National Oil Company (ADNOC) over the next few months.

Although Partex was not involved in the bidding process, a representative said he is confident the company will be invited to be part of the new concession, Gulf News reported on Friday.

“We not only have a long association with the Abu Dhabi Government, we know the country, the people, the oil resources and the requirements for their development very well,” said Jose M. Pereira, Middle East representative at Partex Oil and Gas in Abu Dhabi.

“We were part and parcel of the development of the oil industry in the region and we continue contributing to the development of the people of UAE.”

“We are very positive about the outcome on the concession,” Pereira said, insisting that the company has the resources and capabilities to contribute to the success of the new concession.

In 2008, the Portuguese oil and gas firm renewed its contract with ADNOC for the Abu Dhabi Gas Industries (Gasco) concession for 20 years. Partex owns a 2% share in Gasco.

Earlier this year, France’s Total, Japan’s Inpex and South Korea’s GS Energy won 10%, 5% and 3% respectively in 15 of Abu Dhabi's onshore oilfields, with the remaining 25% stake earmarked for foreign oil firms yet to be awarded. ADNOC owns a majority 60% share in the concession.

Companies bidding for the deal include Royal Dutch Shell, BP, Occidental Petroleum, Statoil, China National Petroleum Corporation and Italy’s ENI.

BP and Royal Dutch Shell are believed to be the two major contenders for the fields but reports have suggested that the two firms have been struggling to meet Abu Dhabi's demand for a hefty sign-on fee of $2.2bn.

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