ADIPEC 2017 sees $10 bln worth of deals signed

Deals worth over $10 billion were inked last week at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), amid improving sentiment in the oil market as crude prices rallied, The National reported.

The event kicked off on Nov. 12 with a gathering of CEOs from several top oil companies, including Saudi Aramco, BP, France’s Total, China’s CNPC, Exxon Mobil, and Russia’s Lukoil, in addition to other senior energy company executives from across the world, at the offices of the Abu Dhabi National Oil Company (ADNOC).

Sultan Ahmed Al Jaber, UAE Minister of State and group chief executive of ADNOC, revealed plans during the conference to list a minority stake of at least 10 per cent in ADNOC Distribution, the UAE’s largest fuel distributor and convenience store operator, on the Abu Dhabi Securities Exchange (ADX).

ADNOC also signed a framework agreement with China National Petroleum Corporation (CNPC) to examine joint offshore ventures and sour gas projects, including opportunities to develop Abu Dhabi’s Lower Zakum, Umm Shaif and Nasr offshore concessions, and the Bab Bu Hasa, Ghasha and Hail sour gas projects, among others.

Meanwhile, energy leaders were positive that OPEC and non-OPEC oil producers would extend their ongoing pact to trim crude production, once it expires in March next year.

“I am optimistic that it will be extended,” UAE energy minister Suhail Al Mazrouei told Argaam on the sidelines of the conference.

“Even though we cannot say for sure (how long), but we have seen consensus so far, and the fact that we still have 158 million barrels to cut,” he said, adding that all 24 participating countries will have to decide on exactly how long the deal would be extended.