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.

 

Libya to investigate 'slave auction' footage

Iraq top court declares Kurd referendum unconstitutional

Saudi Arabia, Arab allies push for unity against Iran, Hezbollah meddling

15 women killed in food aid crush in Morocco

Rare moments of joy at Arabs’ unprecedented World Cup qualifications

UN chief horrified by Libya slave auctions

Qatar 2022 chief has no regrets over hosting World Cup

Gheit says Lebanon should be 'spared' from regional tensions

Syria ‘de-escalation zone’ does nothing to stop civilian deaths

Is a demilitarised Palestinian state a viable option?

S&P affirms good Saudi credit ratings

Israel president faces big backlash over Palestinian scarf

Sudan leader to visit Russia Thursday

Seven years into Libya’s civil war, the chaos continues

Lebanon FM will not attend Arab League Iran summit

Syrian forces liberate Albu Kamal from IS

Israel votes to shut migrant centre, deport Africans

Diplomats from Iran, Russia, Turkey discuss Syria

Libya to investigate ‘slave auction’ footage

Piece by piece, Iran moves towards a ‘new empire’

Netanyahu faces new questioning over corruption case

Syria troops, allies retake most of Albu Kamal from IS

EU cuts funding to Turkey in 2018 budget

Lebanon's Hariri arrives in Paris

Egypt opens Gaza border for first time since unity deal

US-Russia rift threatens fragile prospects for Syria peace

'Caliphate' in tatters but IS still a threat

Saudi Arabia recalls ambassador to Berlin over Gabriel Lebanon comments

Russia again vetoes renewal of Syria gas attacks probe

UN weighs bid to save Syria gas attacks probe

IS attack kills 26 displaced people in Syria

Saudi FM says Lebanon 'held hostage by Hezbollah'

Egypt to open Rafah crossing for 3 days

Turkish troops pulled from NATO drill amid new tensions

Six children among civilians killed in shelling of Eastern Ghouta

US official calls on Sudan to stop 'church demolitions'

Hariri set to leave Saudi Arabia for France

Fears of bombs, IS cells still haunt Mosul

Iraq retakes Rawa, last town held by IS

Riyadh striking deals with people detained in anti-graft purge

Iran criticises French Mideast policy

Russia again blocks UN resolution on Syria action

Israel military chief says ready to cooperate with Saudi Arabia

Egypt confirms death of wanted jihadist

UK denies link between citizen detained in Iran and £400m debt