INPEX takes lead role at Lower Zakum
ADNOC has signed an agreement that names JODCO Lower Zakum, a subsidiary of INPEX, as asset leader for the Lower Zakum concession area offshore Abu Dhabi.
ABU DHABI, UAE – ADNOC has signed an agreement that names JODCO Lower Zakum, a subsidiary of INPEX, as asset leader for the Lower Zakum concession area offshore Abu Dhabi.
In February, INPEX was awarded a 10% interest in the offshore Lower Zakum concession and at the same time, the company’s stakes in the offshore Satah and Umm Al Dalkh concession – 40% in both cases – were extended by 25 years.
JODCO will lead development plans to achieve objectives that include building and sustaining production targets, achieving agreed recovery rates, and cost optimization.
INPEX said it would deploy enhanced oil recovery technology best suited to Lower Zakum, focusing on cutting development and production costs and transfer of technical knowledge, adding that as the sole IOC participating in both the Lower and Upper Zakum oil fields, it would continue to seek synergies between the two.
Lower Zakum is one of three new separate concession areas that make up the former ADMA offshore concession, the others being Umm Shaif and Nasr, and Satah Al Razboot, and Umm Lulu.
Restructuring of the concessions was designed to maximize their commercial value, broaden ADNOC’s partner base, expand its technical expertise, and facilitate greater market access.
Other international shareholders in the Lower Zakum concession area are theChina National Petroleum Corp., an Indian consortium led by ONGC Videsh, Eni, and Total. ADNOC retains a 60% stake in the concession.