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Win-win for BP and Abu Dhabi: BP awarded ADCO stake

Win-win for BP and Abu Dhabi: BP awarded ADCO stake

Report summary

On 17 December 2016, BP joined Total, INPEX and GS Energy in the ADCO concession, Abu Dhabi, acquiring a 10% stake. Previous awards required a signature bonus of US$220 million per 1% stake. BP has covered this cost by issuing new ordinary shares. The shares, which equate to 2% of BP's stock, will be held by the Abu Dhabi Government-owned Mubadala Development Company. The deal will provide BP with roughly 160,000 b/d immediately, with the contract term extending for 40 years, effective 1 January 2015

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