British Petroleum (BP) signed an agreement with state-run Abu Dhabi? National Oil Company (ADNOC) giving it a 10% stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO). BP became the second Western oil major to renew a 40-year onshore concession in Abu Dhabi on Saturday after almost two years of negotiations to improve terms to help operate the UAE's biggest oilfields. The ADCO concession, including the Bab, Bu Hasa, Shah and Asab fields, has total resources of between 20-30bn barrels of oil equivalent over the term of the concession. ?The fields produce 1.6mn barrels per day (bpd) and are expected to reach 1.8mn bpd from 2017. Total was the first oil major to renew the concession, securing a 10% stake in January last year and putting its peers under pressure to improve terms after ADNOC said the French company made the best offer. (Reuters)