CNPC joins two offshore UAE concessions
China National Petroleum Corp. 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.