TOKYO – Abu Dhabi’s government has extended the concession for the Upper Zakum offshore oil field by more than 15 years to the end of December 2041. Additionally, fiscal terms and conditions have been revised.
The 1,150-sq km (444-sq mi) Upper Zakum structure, one of the world’s largest oil fields, is 80 km (49.7 mi) offshore, northwest of Abu Dhabi City.
Abu Dhabi National Oil Co. and INPEX subsidiary Japan Oil Development Co. started development in 1978, with first oil achieved in 1982.ExxonMobil farmed into the concession in March 2006, and currently has a 28% interest.
Over the years production capacity has continued to increase. Current development work, which involves use of artificial islands, is targeted at 750,000 b/d production capacity. According to INPEX, the partners are now looking at ways to raise the threshold to 1 MMb/d.