Adnoc cuts costs with offshore venture consolidation

Abu Dhabi National Oil Co (Adnoc) will merge two offshore oil and natural gas ventures in a bid to mitigate the impact of plummeting oil prices. Zakum Development Co (Zadco) and Abu Dhabi Marine Operating Co, known as Adma-Opco, will be jointly led by Yasser Al Mazrouei, who currently serves as Adma-Opco’s chief executive officerJ, Adnoc said in a statement on Tuesday. The process will be completed by early 2018 and will be overseen by a committee with members from Adnoc and concession holders including Total SA, BP and ExxonMobil. Zadco’s CEO Saif Al Suwaidi will retire, an Adnoc official said. Adnoc owns 60 per cent of Adma-Opco with the rest being shared among BP, Total and Japan Oil Development Co Ltd (Jodco); its partners in Zadco are ExxonMobil and Jodco.

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