Abu Dhabi oil deal

Press, Volume CXIV, Issue 33665, 15 October 1974, Page 19

Abu Dhabi oil deal

GV Z P A.-Reuter—Copyright) ABU DHABI, Oct. 14. Foreign partners in Abu Dhabi’s two main oil-produc-ing combines will buy back, at a reduced figure of 93 per cent of the posted price, 80; per cent of the State’s share; of the output in the last; quarter of this year. The United Arab Emirates' Petroleum Minister (Mr: Mana Al Oteiba) announced this after signing agreements last night with Abu Dhabi Petroleum and Abu Dhabi Marine Areas. The amounts of participation crude to be bought back by the Government’s part-; ners in the combines are 360,000 barrels a day in Abu, Dhabi Petroleum and 168,000; barrels in Abu Dhabi Marine Areas. The other 20 per cent of I Abu Dhabi’s share of production — from its 60 per cent holding in the two companies, taken this year — will be marketed independently by the Abu Dhabi National Oil Company. In the third quarter of the year, the “buy-back” price was 94.8 per cent of the posted price. A similar reduction to 93 per cent was applied recently when Kuwait settled with her foreign partners arrangements for the quarter beginning on October 1,

The foreign partners in Abu Dhabi Petroleum are British Petroleum, Royal Dutch Shell, Mobil, Exxon, and the French firm, C.F.P.; and those in Abu Dhabi Marine Areas are the Com-: pagnie de Petroles, British! petroleum, and the Overseas! Petroleum Company, of! Japan. 1