SPC selected ExxonMobil for the UpperZakum offshore oil field
Posted: 13 April 2005
“The UAE's top oil decision-making body, the Supreme Petroleum Council, selected ExxonMobil as the best technical bidder for the Upper Zakum offshore oil field,” Adnoc said in a statement.
"The first steps of the negotiations started a few years ago to select a strategic partner who is capable of providing advanced technology, particularly in the subsurface technology applications, in order to assist in increasing production in the Upper Zakum Oil Field and to overcome future technical challenges," Adnoc said.
Exxon Mobil has confirmed that it has been chosen by the Abu Dhabi Supreme Petroleum Council (SPC) for final negotiations regarding participation in the Upper Zakum offshore oilfield.
"ExxonMobil is deeply honored to have been selected as the sole company to enter final negotiations to become a strategic partner in the Upper Zakum field," said Tim Cejka, president of ExxonMobil Exploration Company. "We are committed to applying ExxonMobil's broad range of industry-leading technologies and operating capabilities to assist Abu Dhabi in obtaining maximum recovery and value from this important national resource. In addition, we look forward to cooperating closely with ADNOC in the areas of training and skill development."
Upper Zakum is one of the world's largest oil fields, contributing significantly to Abu Dhabi 's current production, and with potential for substantial growth. Successful conclusion of final negotiations will allow ExxonMobil to obtain a 28 percent equity interest in the Upper Zakum oil field. ExxonMobil has participated in Abu Dhabi 's petroleum business for more than sixty years.
Other bidders for the project, which is aimed at raising the field's output from 550,000 b/d to 750,000 b/d, included BP PLC (BP) and Royal Dutch/Shell Group (RD, SC).
Posted by Editor Offshore Arabia Magazine
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