DUBAI Dec 19 The 2 percent stake in BP
sold to Abu Dhabi in exchange for a holding in Abu Dhabi Company
for Onshore Petroleum Operations (ADCO) will be controlled by
Mubadala Development Co, its spokesman was quoted by The
National newspaper as saying.
* The firm became the second Western oil major to renew a
40-year onshore concession in Abu Dhabi on Saturday after almost
two years of negotiations to improve terms to help operate the
United Arab Emirates' biggest oilfields.
* In exchange for the 10 percent stake in ADCO, BP agreed to
issue new ordinary shares to Abu Dhabi worth 1.76 billion pounds
* "We will be owning and managing the shares on behalf of
the Abu Dhabi government consistent with our portfolio and
mandate as an investment company," Brian Lott was quoted in the
local newspaper report.
* A newspaper report, without attributing to anyone, says BP
stake will be considered a passive investment and it was not yet
clear whether Abu Dhabi will seek BP board representation.
* The ADCO concession, including the Bab, Bu Hasa, Shah and
Asab fields, has total resources of between 20 billion-30
billion barrels of oil equivalent over the term of the
concession. The fields produce 1.6 million barrels per day
(bpd) and are expected to reach 1.8 million bpd from 2017.($1 =
(Reporting by David French; Editing by Sherry Jacob-Phillips)