The Abu Dhabi National Oil Company (ADNOC) will take full control of the Abu Dhabi Company for Onshore Oil Operations (ADCO) oil concession when the decades-old partnership with some of the world's biggest oil companies ends. ADNOC currently holds a 60 percent controlling stake in ADCO, while oil giants ExxonMobil (XOM), Royal Dutch Shell (RDS.A), Total SA (TOT), and BP plc (BP) each hold 9.5 percent stakes.
State-owned ADNOC has decided that it will continue to produce and market oil independently through.
According to the Financial Times, Royal Dutch Shell plc (ADR) (NYSE:RDS.A) and BP plc (ADR) (NYSE:BP) are resisting pressure from Abu Dhabi to sign a multibillion dollar own a stake in developing the emirate’s largest onshore field.
South Korea's presidential office said in a press release that South Korean President Lee Myung-bak during a two-day state visit by Malaysian King Mizan Zainal Abidin discussed enhancing cooperation between the two countries in nuclear energy and other economic fields.
Reporting on the bilateral discussions, a presidential official quoted President Lee as saying, "Malaysia has recently successfully overcome the global economic crisis, demonstrating a high level of national competitiveness," Yonhap news agency reported.