NICOSIA The Abu Dhabi National Oil Co. (ADNOC) has asked Royal Dutch/Shell and Exxonmobil to submit proposals to acquire significant equity stakes in the Zakum Development Co. (ZADCO), the **** Middle East Economic Survey **** said on Monday.

A potential pact between ADNOC and BP Amoco and Totalfinaelf was effectively put on hold at the end of last year after the failure of Abu Dhabi's Supreme Petroleum Council (SPC) to approve the deal, **** MEES **** said.

The SPC has indicated that it wants to review proposals from all four companies before taking a decision, the newsletter said.

**** MEES **** said SPC Chairman Sheikh Khalifa bin Zaid al Nahayan and ADNOC CEO and SPC Secretary General Yousef Omair bin Yousef were understood to have backed a bid by bp and Totalfinaelf to acquire 14.67 percent and 13.33 percent, respectively, in ZADCO.

But at a subsequent meeting of the SPC last October some members of the ruling family questioned why further awards of equity stakes in the upstream should be restricted to BP and Total and not broadened to include other firms, **** MEES **** said.

The ZADCO venture, which now produces some 500,000 barrels per day (bpd) of crude oil from the offshore upper Zakum oil field, is owned 88 percent by adnoc and 12 percent by Japan's Jodco.

(Reuter)