Dubai: Oil concession discussions between Abu Dhabi and top international energy companies over the renewal of oil field production contracts will not be affected by the steep decline in crude prices to levels below $50 a barrel over the past six months, the UAE's top energy official has said.
Companies "are bidding on a long-term relationship that's going to last 30 years or more; they are having a view on that as a long-term investment. They're not going to change their mind every time we have a glut in the market," HE Suhail Al Mazrouei, the UAE Minister of Energy, said in an interview with TheGulfIntelligence.com. [15/01/15]
