UAE may carve up, offer oil and gas territory: sources

DUBAI (Reuters) – Prized territory, shared for decades between multinationals and major oil and gas producer the United Arab Emirates (UAE), might be broken up in the medium term, industry sources said on Friday.

The change could follow an open contest that would bring in better technology and a greater variety of players, including Asian firms seeking to meet escalating energy demand.


Since before the founding of the Gulf Arab state in 1971, the concessions, which account for two thirds of its production capacity, have been managed by consortia.

They are held by the emirate of Abu Dhabi, which controls more than 90 percent of the UAE’s oil reserves.

“The UAE is considering all options with the concessions,” said one oil company executive. “That includes breaking them up and offering individual fields in competitive tenders.”

Reuters