First Published: 2017-11-14

Abu Dhabi extends concession at major oilfield
Abu Dhabi National Oil Company signs agreement with US, Japanese oil firms to extend their concessions and boost output at the emirate's biggest oilfield.
Middle East Online

ABU DHABI - The Abu Dhabi National Oil Company (ADNOC) said Tuesday it had signed an agreement with US and Japanese oil firms to extend their concessions and boost output at the emirate's biggest oilfield.

ADNOC said in a statement it signed the agreement with US giant ExxonMobil and Japan's INPEX to raise output at the Upper Zakum offshore field by around 350,000 barrels per day to one million bpd by 2024.

The agreement extended the concession of the two companies by a decade to end by 2051.

Located 83 kilometres (52 miles) northwest of Abu Dhabi, Upper Zakum is the world's fourth-largest oilfield and the second-largest offshore, containing almost half of the United Arab Emirates' proven reserves -- nearly 100 billion barrels.

"This agreement is another milestone in our efforts to forge partnerships that bring technology, expertise and capital aimed at delivering greater economic value and levels of recovery from our resources," ADNOC CEO Sultan al-Jaber said.

The agreement is part of efforts by ADNOC to push UAE production capacity to 3.5 million bpd from about 3.2 million bpd currently.

Japan's INPEX began the partnership with ADNOC to develop Upper Zakum in 1978. They were joined by ExxonMobil in 2006.

No financial details were given for the agreement but the ongoing project is estimated to cost around $10 billion. ADNOC has 60 percent of the concession, ExxonMobil 28 percent and INPEX 12 percent.

ADNOC on Tuesday also signed an agreement with a subsidiary of China National Petroleum Co. (CNPC) to raise the onshore Bab field's production by 30,000 bpd to 450,000 bpd by 2020.

On Monday, ADNOC said it will float a minority stake in its petrol station subsidiary in the first privatisation of the totally state-owned oil sector.

 

Regime strikes in Syria enclave despite ceasefire call

Russia pours cold water on UN bid to condemn Iran over missiles to Yemen

Egypt presidential race starts with Sisi likely to win

Christian leaders close Church of the Holy Sepulchre in tax dispute

Blatter supports Morocco bid for 2026 World Cup

Iraq condemns 15 Turkish women to death for belonging to IS

Thousands expected for radical Israeli rabbi's funeral

Syrian Kurd leader arrested in Prague

Philippine officials meet nationals in Kuwait amid labour row

Families of IS suspects in Iraq face 'collective punishment'

Iran's ex-intelligence minister slams handling of prison death

More strikes hit E. Ghouta as UN delays truce vote

Turkey says US embassy Jerusalem opening in May 'extremely worrying'

Lebanon says both suspects in Kuwait murder of Filipina maid held

38 dead in Mogadishu car bombings

Morocco police arrests prominent newspaper publisher

Syria regime continues to pound Ghouta as world stutters

UN rights commission wants S.Sudan war crimes charges

Iran grounds airline's ATR planes after crash

Turkey summons Dutch diplomat over Armenian 'genocide' vote

Turkey navy threatens to engage Italian drillship near Cyprus

Iran police shoving headscarf protester sparks social media storm

UN Security Council to vote Friday on Syria ceasefire

Dubai says Djibouti illegally seized African port

Dutch parliament recognises 1915 Armenian massacre as genocide

Heavily bombarded Eastern Ghouta awaits UN resolution

Russia says Syria rebels rejected offer to evacuate E. Ghouta

UN diplomats press for Syria ceasefire without Russia veto

Iranian minister’s presence at UN rights meeting angers critics

Iran warns it will leave nuke deal if banks cannot do business

Qatar to plant thousands of trees to ‘beautify’ World Cup venues

Pro-Kurdish party says Turkey lying about 'no civilian deaths' in Afrin

African migrants protest Israeli detention policy

Egypt sentences 21 to death for planning attacks

Israeli handball teams in Qatar spark furious outcry from locals

UN report highlights S.Sudan journalist treatment

Palestinian dies after being shot by Israeli soldiers

Gulf states urge Syria to end Ghouta violence

Wanted Bahraini militants die at sea en route to Iran

Saudi Arabia to boost entertainment in next decade

Iran's Ahmadinejad calls for immediate free elections

Merkel calls for end to 'massacre' in Syria

Iraq urges FIFA to lift ban on hosting internationals

Carnage of Ghouta's bombs breaking families

Blockaded Gaza Strip forced to pump sewage into sea