UPDATE 1-China secures Abu Dhabi oil field deal | Reuters:
"China National Petroleum Corporation (CNPC) has secured the rights to produce and export oil from Abu Dhabi, helping China secure more fuel for its rapid economic growth.
State-run CNPC has expanded over the past decade to over 30 countries around the globe to help secure supplies of the oil and gas that China needs to sustain its economic growth.
Under the latest deal granted by the president of the United Arab Emirates (UAE), China's biggest energy company will help develop several onshore and offshore fields in Abu Dhabi and take a share of any oil produced, UAE state news agency WAM said.
"It's a typical concession, meaning you pay the royalty and then you get the JV (joint venture) share of production," a senior source at CNPC told Reuters."
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