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oil-wells

UAE welcomes IOCs concession bid

: Monday, April 14 - 2014 @ 01:45

The UAE energy minister said he hoped Western oil companies historically in charge of Abu Dhabi’s biggest oilfields would keep a role, but that no one was assured of keeping their seat when concessions are renewed, Reuters has reported. “There is a process. (…) What’s important is that it’s fair to the newcomers as it is to the previous shareholders. This is a lifetime exercise and we have to do it right,” Suhail bin Mohamed Al Mazrouei told reporters on the sidelines of a conference in Paris. “No one is assured to keep a seat, it’s a bidding, we wish everyone good luck, especially our legacy partners, they are the best and understand the fields because they’ve been there for 70 years, we hope they will be among those who are winning,” Al Mazrouei said. “They’ve been with us for a very long time, they understand the fields. I think they will have a good chance,” he added.

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Monday, April 14- 2014 @ 1:45 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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