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| Abu Dhabi becomes top BP shareholder | Abu Dhabi becomes top BP shareholder |
| (about 11 hours later) | |
| Abu Dhabi has become one of BP's biggest shareholders under a deal which gives the oil company a much bigger stake in the emirate's oil output. | Abu Dhabi has become one of BP's biggest shareholders under a deal which gives the oil company a much bigger stake in the emirate's oil output. |
| BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi's production. | BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi's production. |
| The deal will dramatically raise BP's share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year. | The deal will dramatically raise BP's share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year. |
| In return Abu Dhabi will receive a 2% stake in BP worth almost £2bn. | In return Abu Dhabi will receive a 2% stake in BP worth almost £2bn. |
| That would put Abu Dhabi among the company's top 10 shareholders and ahead of Kuwait, which owns a 1.7% stake. | That would put Abu Dhabi among the company's top 10 shareholders and ahead of Kuwait, which owns a 1.7% stake. |
| Currently the investment firm Blackrock is the biggest single shareholder in BP with a 5.4% share. | Currently the investment firm Blackrock is the biggest single shareholder in BP with a 5.4% share. |
| 'Cutting-edge' | 'Cutting-edge' |
| In a statement, BP's chief executive Bob Dudley said: "This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well. | In a statement, BP's chief executive Bob Dudley said: "This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well. |
| "We will bring our people, cutting-edge technology and experience of managing mature giant fields around the world to help maximise recovery from these assets." | "We will bring our people, cutting-edge technology and experience of managing mature giant fields around the world to help maximise recovery from these assets." |
| BP's business ties with the United Arab Emirates date back to the 1930s when it set up a depot in Sharjah to refuel the first aircraft travelling from the UK to India. | |
| In Abu Dhabi it owns stakes in several oil and gas operations, including a 15% interest in offshore oil and gas fields. | In Abu Dhabi it owns stakes in several oil and gas operations, including a 15% interest in offshore oil and gas fields. |
| In November BP blamed the falling price of oil for a near 50% fall in third quarter profits. | In November BP blamed the falling price of oil for a near 50% fall in third quarter profits. |
| It has been cutting back its investments in new fields to help restore profitability. | It has been cutting back its investments in new fields to help restore profitability. |
| In October it announced that it was abandoning a plan to drill for oil off the south coast of Australia. | In October it announced that it was abandoning a plan to drill for oil off the south coast of Australia. |