The Bridge: Abu Dhabi Share-Swap Deal with BP Forges New Contract Model
by Diane Munro Abu Dhabi capped a year of unprecedented change at state oil company Abu Dhabi National Oil Company (ADNOC) with a landmark $2.2 billion share-swap with legacy partner BP. The unique model for a joint venture gives Abu Dhabi a 2 percent stake in BP in exchange for a 10 percent share in the country’s main onshore oil concession.