Invitations are allegedly out and would be suitors are already pruning and preening in advance of Abu Dhabi’s expected award of oil exploration and production concessions in 2014. Glittering amongst concessions that cover a staggering 10% of the world’s proven oil reserves are the Asab, Bab and Bu Hasa supermajor fields, “any portion [of which] would constitute a substantial prize for any energy company.”
The problem facing suitors, however, is that although the relationship between contracting West and producing East has been turned on its head since the existing concessions were granted almost 75 years ago; the path to the 2014 concessions is seemingly as shrouded in backroom smoke as its colonial predecessors. If you have an invitation; which rings need to be kissed & just how tight will your proposed margins have to be? If you don’t; can you still wrangle one, gate crash or cozy up to a winsome-looking invitee?
Pillsbury’s Alert outlines the likely attributes of a winner and several recently proven paths to concession victory; an excellent litmus test for upstream oil companies working on their 2014 strategies. Read More.
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