Oil and Gas

BP agrees to take 10 percent stake in Abu Dhabi's ADCO oil concession

Andrey Rudakov | Bloomberg | Getty Images

BP will take a 10 percent stake in Abu Dhabi's ADCO onshore oil concession for 40 years under a deal signed on Saturday with Abu Dhabi's Supreme Petroleum Council and the Abu Dhabi National Oil Company (ADNOC), the latter said.

Under the deal signed in Abu Dhabi, BP agreed to issue new ordinary shares representing approximately 2 percent of its issued share capital (excluding treasury shares) which are to be held on behalf of the Abu Dhabi government, ADNOC said in a statement.

France's Total also holds a 10 percent stake while Japan's INPEX Corporationhas a 5 percent stake and GS Energy of South Korea has a 3 percent stake, ADNOC said.

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

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