BP scoops up stake in Abu Dhabi oilfields in a deal worth $2.2bn
Oil giant BP has picked up a stake in Abu Dhabi’s largest oil fields in exchange for a two per cent share in the company in a deal worth $2.2bn (£1.9bn).
BP will control 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which stands at 1.66m barrels a day, for the next 40 years.
BP has been refocusing on growth and portfolio renewal recently after shedding $40bn of assets since 2010 to cover its liabilities from the Deepwater Horizon oil spill.
It’s expected to complete its finance rebalancing by the end of 2017.