Dubai to Take Control of Offshore Oil Resources

(Reuters) – A unit of ConocoPhillips will end its role as operator of Dubai’s offshore oil resources and the Emirate of Dubai will take over, marking the end of Dubai’s first offshore oil concession, the government of Dubai and the U.S. oil major said on Sunday.

Starting April 2, Dubai Petroleum Establishment will be responsible for operating the oilfields, instead of ConocoPhillips unit Dubai Petroleum Co., and for all future business related to the production of oil and gas in Dubai.
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