12th Feb 2015 06:56
LONDON (Alliance News) - Royal Dutch Shell PLC and BP PLC are resisting efforts by Abu Dhabi to get them to pay a multi-billion dollar signing-on fee to get a stake in developing the emirate's biggest onshore oil fields, the Financial Times reported on Wednesday.
Abu Dhabi National Oil Co is understood to have demanded around USD8 billion in total from a number of international oil companies which are seeking to get a piece of a 40% equity stake in oil reserves to be developed over the next 40 years, the FT said.
The stand-off over the payment, which industry insiders claim is among the biggest upfront payments ever for an oil concession, could result in Shell and BP walking away from the talks. US oil major ExxonMobil Corp is said to have already withdrawn from the process.
http://www.ft.com/cms/s/0/9c4a55ea-b1f5-11e4-b380-00144feab7de.html?siteedition=uk#axzz3RVigUz4D
By Sam Unsted; [email protected]; @SamUAtAlliance
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