INPEX set to lengthen tenure at offshore UAE oil fields
INPEX has reached agreement in principle with ADNOC on extending the duration of the joint development of the Satah and Umm Al Dalkh oil fields offshore Abu Dhabi until end-2042.
The Japanese company is engaged in development and production of crude oil in Abu Dhabi via its subsidiaryJapan Oil Development Co. (JODCO).
Based on the agreement, ADNOC and INPEX will discuss new detailed terms for extending joint development of the two fields.
In addition, INPEX will be given an additional 28% interest in Umm Al Dalkh, lifting its share to 40%. The company currently has a 40% interest in Satah.
Zakum Development Co. (ZADCO) operates the two fields which respectively produce around 20,000 b/d and 15,000 b/d. The current joint development accords are due to expire in March 2018.
However, both fields are said to still hold plentiful reserves and have produced at stable rates for many years.