Reuters cited Mr Ali Al Jarwan CEO of Abu Dhabi Marine Operating Company as saying that the UAE may allow more foreign partners, especially Asian energy companies, to take stakes in more marginal fields.

The UAE's concessions system allows oil and gas producers to acquire their own equity hydrocarbons from the OPEC member in return for investing in projects. Multinational companies, predominantly Western oil firms, have held large stakes in the concessions for decades, but concession renewals starting from 2014 could see Asian companies boost their presence in a country which now exports nearly all its oil to Asia.

Mr Ali Al Jarwan said that "The principal of the tender is be more open for partners. In the last three years there has been a change towards more openness, some additional partners."

Abu Dhabi plans to invest USD 60 billion over the next 5 years in a bid to boost the UAE's oil production capacity from 2.7 million to 3.5 million barrels per day and may welcome Asian companies. The ADMA-Opco concession which has a capacity of around 550,000 barrels per day expires in 2018. The first UAE concession renewal is expected in 2014.

Japanese refiner Cosmo Oil has already secured a new concession area while South Korea has also secured access to UAE oil reserves in a deal with Abu Dhabi National Oil Company.

Source - Reuters

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