Monday 26 February 2018

UAE's ADNOC awards Japan's INPEX 10% stake in new oil offshore concession | ZAWYA MENA Edition

UAE's ADNOC awards Japan's INPEX 10% stake in new oil offshore concession | ZAWYA MENA Edition:

"Abu Dhabi National Oil Co's (ADNOC) signed on Monday a new 40-year agreement with INPEX awarding the Japanese oil company a 10-percent stake in its Lower Zakum concession, a deal set to help the UAE expand its foothold in Asia. Separately, INPEX's stakes in Abu Dhabi's Satah and Umm Al Dalkh concession have been extended for 25 years, ADNOC and INPEX said in statements. The Japanese oil company will maintain its 40 percent stake in Satah concession and increase its Umm Al Dalkh share to 40 percent from 12 percent. INPEX has paid a fee of 2.2 billion dirhams ($600 million) for the Lower Zakum concession, ADNOC said. INPEX has also paid 920 million dirhams to extend its share in the Satah and Umm Al Dalkh concession."



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