The original concession agreement was made with Petroleum Development (Trucial Coast) Ltd. On 11th January 1939, but geological work did not begin until after the Second World War. Exploratory drilling began in Abu Dhabi in February 1950.
The First commercial oil discovery was made at Bab in 1960, and exports began from the Jebel Dhanna terminal on 14th December 1963. In 1962, the Company was renamed the Abu Dhabi Petroleum Company, ADPC. On 1st January 1973, the Government of Abu Dhabi acquired a 25% interest, which was increased to 60% as from 1st January 1974. The Government interest is held by the Abu Dhabi National Oil Company, ADNOC.
ADCO was incorporated under Law No. 14 for 1978, on 8th October 1978 and has been responsible, since February 1979, for operations in the concession area, which after relinquishments, now covers more than 21,000 square kilometers.
The Company exports from two major terminals: Jebel Dhanna and Fujairah, and produces mainly from eleven oil fields: Bu Hasa, Asab, Sahil, Shah, Bab, Al Dabb'iya, Rumaitha, Shanayel, Huwaila, Qusahwira and Bida Al-Qemzan
ADNOC and Total sign New ADCO Concession Agreement
In January 2015, The Abu Dhabi National Oil Company, ADNOC, and Total signed the new 40-year ADCO Concession Agreement for the ADCO onshore oil fields in the Emirate of Abu Dhabi
ADNOC said that by this agreement, Total, which presented the best technical and commercial offers, receives a 10% participating interest in the new concession and is appointed Asset Leader for the South East and Bu Hasa integrated Asset Groups, with effect from 1st January 2015, while additional companies will be added soon.
ADNOC Onshore will continue to operate the integrated asset groups of Bab, Bu Hasa, South East (Sahil, Asab, Shah, Qusahwira, Mender) and Northeast Bab (Al Dabb’iya, Rumaitha, Shanayel).
ADCO plans to reach 1.8 million barrels a day production in 2017.
ADNOC Onshore Shareholders
Apart from ADNOC (60%), ADNOC Onshore has now Total E&P Holding UAE B.V (10%), JODCO Onshore Limited (5%), Korea GS E&P Pte Ltd (3%), BP Abu Dhabi Limited (10%), CNPC International (Hong Kong) Limited (8%) and China Energy Foundation Investment Limited (4%) as their International Oil company shareholders.