BP Amoco to take stake in Abu Dhabi firm
BP Amoco is poised to take a 14.67 percent stake in an arm of the Abu Dhabi National Oil Co. (ADNOC), the Guardian, a British daily, reported on September 27th.
The deal is scheduled to be signed by the end of the week but could be finalized on September 27th. BP Amoco would be acquiring a stake in the Zakhum Development Company, formed by the state-owned ADNOC in 1977 to oversee offshore oil fields in the Gulf.
A new company is to be established in early October to reflect the new shareholding structure, which will give TotalFinaElf a 13.33 percent stake and Japan Oil Development Co. a 12 percent share, while the Abu Dhabi government will hold the remaining portion.
Analysts have indicated that BP Amoco’s stake could yield the European oil giant $700 million a year in revenues.
( oilnavigator )