Abu Dhabi becomes top BP shareholder

Monday 19 December 2016 4 months ago 46   Sharjah   Print

Sultan Al Jaber, right, the chief executive of Abu Dhabi National Oil Company and Minister of State and Bob Dudley, the chief executive of BP, after the deal signing on Saturday.

Report  Web desk : Abu Dhabi has become one of BP’s biggest shareholders under a deal which gives the oil company a much bigger stake in the emirate’s oil output. BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi’s production. The deal will dramatically raise BP’s share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year. In return Abu Dhabi will receive a 2% stake in BP worth almost £2bn. That would put Abu Dhabi among the company’s top 10 shareholders and ahead of Kuwait, which owns a 1.7% stake. Currently the investment firm Blackrock is the biggest single shareholder in BP with a 5.4% share.