UPDATE 1-UAE sees keen interest for largest oilfields on revised terms -minister

Mon Jan 13, 2014 6:39am EST
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* ADCO fields producing 1.6 mln bpd, aim to produce 1.8 mln in 2 years -minister

* Abu Dhabi mulling bringing in big Asian buyers into ADCO concession

* Ruwais refinery expansion to be completed by end-2014

By Nidhi Verma

NEW DELHI, Jan 13 (Reuters) - Abu Dhabi has received strong interest from international firms for participating in its largest oilfields, the UAE oil minister said, as it weighs continuing previous partnerships with Western oil giants or letting big Asian buyers take stakes.

Abu Dhabi National Oil Company (ADNOC) took full control of the biggest oilfields in the United Arab Emirates (UAE) when its decades-old venture with four of the world's largest oil companies ended on January 11.

Under the concession arrangement, ADNOC held a 60 percent controlling stake in the Abu Dhabi Company for Onshore Oil Operations (ADCO) oilfields, while ExxonMobil, Royal Dutch Shell, Total and BP, each held 9.5 percent stakes.

Several companies, including those whose participation in the concession have expired are interested in joining the project with revised terms, UAE's oil minister Suhail bin Mohammed al-Mazroui told reporters.

"Most of the existing partners are involved and expressed keen interest to participate," he said.   Continued...