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Bidding for Abu Dhabi’s onshore 1.6-mln-barrel oil fields begins

Bidding for Abu Dhabi’s onshore 1.6-mln-barrel oil fields begins
Bids have been placed by major global energy players for stakes in Abu Dhabi's onshore oil fields, capable of producing 1.6 million barrels per day (bpd), reported Gulf Base, adding that based on previous partnerships, Royal Dutch Shell, British Petroleum (BP) and Total have already submitted bids to gain a stake, which will be reviewed by the Abu Dhabi Company for Onshore Oil Operations (ADCO).

US-based petroleum giants ExxonMobil, however, have reportedly decided not to renew their share in the onshore oil initiative. Abu Dhabi is currently undergoing an oil production expansion which aims to increase output from 2.7 million bpd, across both onshore and offshore facilities, to a record 3.5 million bpd by 2017.