BP has agreed a $2.4bn deal to buy a stake in Abu Dhabi’s largest oilfields, in the latest sign of the UK oil group replenishing its portfolio after years of retrenchment.
The investment will give BP 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which stands at 1.66m barrels of oil a day, for the next 40 years.
BP is the second western oil major to secure a stake in the ADCO concession after Total of France acquired 10 per cent last year.
The Abu Dhabi government has been trying to secure new partners for its onshore oilfields since the expiry of a previous long-term agreement with BP and Total as well as Royal Dutch Shell and ExxonMobil in 2014.
Striking deals became more difficult for Abu Dhabi after the collapse in crude prices later that year led oil companies to rein in investment.
However, the recent rebound in prices above $50 a barrel has restored a measure of confidence to the industry, supported by a proposed cut in output by the Opec producer nations, including the United Arab Emirates.
In the past month, BP has given the green light to a $9bn development of the next phase of its Mad Dog oilfield in the Gulf of Mexico and agreed to buy a 10 per cent stake in Egypt’s giant Zohr gasfield from Eni of Italy for $375m.
Together, the deals suggest BP is beginning to refocus on growth and portfolio renewal after shedding $40bn of assets since 2010 to cover its liabilities from the Deepwater Horizon oil spill.
Bob Dudley, BP chief executive, said the Abu Dhabi agreement would “provide BP with long-term access to significant and competitive resources that we already understand very well”.
BP said it would issue 392.9m new shares — about 2 per cent of the group’s share capital — to the government of Abu Dhabi at a price of £4.47 each. This valued the deal at £1.76bn, or £1.92bn based on BP’s share price of £4.90 on Friday.
The ADCO concession, including the Bab, Bu Hasa, Shah and Asab fields, has total resources of between 20-30bn barrels of oil equivalent over the term of the concession, which expires at the end of 2054.
Sultan Ahmed Al Jaber, chief executive of Abu Dhabi’s onshore operating company, said the BP deal was a milestone in efforts to secure the technology, expertise and financing needed to maximise the value of the ADCO resources.
As well as its deals with Total and BP, Abu Dhabi has sold stakes of 5 and 3 per cent respectively to Inpex of Japan and GS Energy of South Korea. The government has said it wants to sell 40 per cent of the concession, meaning 12 per cent remains available.
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