CNPC joins two offshore UAE concessions

China National Petroleum Corp. has signed 40-year agreements for two concession areas offshore Abu Dhabi with ADNOC.

ADNOC Offshore Umm Shaif and Nasr concession and the Lower Zakum concession
ADNOC Offshore Umm Shaif and Nasr concession and the Lower Zakum concession

Offshore staff

ABU DHABI, UAE – China National Petroleum Corp. (CNPC) has signed 40-year agreements for two concession areas offshore Abu Dhabi with ADNOC.

Under the terms of the agreements, CNPC, through its majority-owned listed subsidiary PetroChina, has been granted a 10% interest in the Umm Shaif and Nasr concession and a 10% interest in the Lower Zakum concession.

PetroChina contributed a participation fee of AED 2.1 billion ($575 million) to enter the Umm Shaif and Nasr concession and a fee of AED 2.2 billion ($600 million) to enter the Lower Zakum concession. Both concessions will be operated by ADNOC Offshore, on behalf of all concession partners.

CNPC joinsEni (10%) and Total (20%) as participants in the Umm Shaif and Nasr concession; and an ONGC Videsh-led consortium (10%), INPEX Corp. (10%), Eni (5%), and Total (5%) as participants in the Lower Zakum concession. ADNOC retains 60% majority shares in both concessions.

03/21/2018

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