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

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

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