UAE

Shell And BP Step Back From ADCO

Shell and BP appear to have scaled back efforts to secure a stake in Abu Dhabi’s 1.6mn b/d onshore concession despite their long history in the UAE’s upstream development. The two oil majors have now openly said that the terms on offer, though an improvement on the past, are not enough to generate acceptable rates of return in today’s environment.

Shell CEO Ben van Beurden, speaking on an analysts’ call after announcing the...