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03 March 2024

Adco to continue operations on behalf of Adnoc

By Wam

Khalifa Mohamed Al Kindi, Member of the Supreme Petroleum Council and Abdulla Nasser Al Suwaidi, Director-General of Abu Dhabi National Oil Company (Adnoc), have witnessed the ceremony of the close-out agreement of the Abu Dhabi Emirate Concession Agreement among the international oil consortium of companies; BP, Shell, Total, Exxon Mobil and Partex Oil & Gas.

Mohammed Butti Al Qubaisi, Director of Exploration and Exploration Directorate in Adnoc, Abdul Munim Al Kindy, CEO of Abu Dhabi Company for Onshore Oil Operations (Adco), representatives from the aforementioned international oil companies and a number of managers from Adnoc and Adco attended the signing ceremony.

Speaking on the occasion, Khalifa Mohamed Al Kindi stressed that the success of these 75-year partnerships reflect the wisdom and long-term vision of the rulers of Abu Dhabi in dealing with the critical commodity. It is also a credit to the cooperation with the Shareholders in developing the various fields in a safe and reliable manner, making Adco one of the strongest oil companies in the region.

He pointed out that the wise leadership, headed by His Highness Sheikh Khalifa Bin Zayed Al Nahyan President of the UAE and General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, will continue through their follow ups and directives to the SPC.

Abdulla Nasser Al Suwaidi, Director-General of Adnoc, expressed his sincere gratitude to the international companies for their contribution in developing onshore oil fields, stressing that Adco would continue to operate the concession areas on Adnoc's behalf.

Al Suwaidi hailed the cooperation and partnership with the international consortium which lasted for 75 years, while underscoring the support of the wise leadership and its directives that contributed in developing the oil and gas industry in the UAE. In addition, it played major role in developing and qualifying UAE national cadres to take the lead in operating and supervising the petroleum industry in the country.

Al Suwaidi added that Adco was able to achieve its goals during the concession period by developing the onshore oil fields in the Emirate of Abu Dhabi.  Adco has been conducting production for 50 years, which reflects the success of partnerships and cooperation with various global companies, in serving the UAE’s national interest.  This has attributed to best practices and latest technologies for maximum utilisation and eco-friendly exploitation of natural resources.

Abdul Munim Saif Al Kindy, CEO of Adco, thanked the international consortium; recalling that the concession covering the onshore and shallow marine areas in the Emirate of Abu Dhabi was signed on 11th January 1939 during the rule of the late Sheikh Shakhbut bin Sultan Al Nahyan. This reflected the successful partnership and cooperation between the government of Abu Dhabi and the consortium despite the numerous global challenges, including oil prices/supplies fluctuations, through the years, said Al Kindy.

Al Kindy added that Adco’s oil production started about 50 years ago and it contributed to the development of the UAE. The exceptional foresight of the late Sheikh Zayed bin Sultan Al Nahyan (May Almighty Allah rest his Soul in Peace) played a key role in supporting the oil and gas industry which he saw as a fundamental part of growth and stability.

Signatories to the close-out agreement from the international oil companies expressed their appreciation of the partnership being one of the success stories among their worldwide assets. In addition, they expressed their continuous intent for further cooperation and partnerships in the oil and gas industry.