Abu Dhabi Taps Japan’s Inpex to Join $22 Billion Oil Project - Bloomberg Business:
"Inpex Corp. of Japan is joining Total SA to develop the main onshore oil deposits in the United Arab Emirates as Abu Dhabi picks new partners for a $22 billion effort to pump crude from its largest fields.
Japan’s state-backed energy explorer will take a 5 percent stake in the fields, Yoichi Miyazawa, the trade minister, said at a news conference in Tokyo Monday. The concession will give Japan access to crude from the deposits for 40 years, starting Jan. 1, 2015, Inpex and the emirate’s government-owned oil producer said in an e-mailed statement.
“It makes sense for Abu Dhabi to name an Asian partner since more of their demand is coming from there,” said Robin Mills, a Dubai-based analyst at Manaar Energy Consulting. “Inpex brings quite a lot technically, and they operate major projects.” A Chinese company could be one of the next bidders awarded a stake, he said."
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