China National Offshore Oil Corporation picks up rights in ADNOC fields | Energy – Gulf News:
The Abu Dhabi National Oil Company (ADNOC) has agreed to a transfer of rights in its Lower Zakum and Umm Shaif and Nasr offshore concessions to a unit of China National Offshore Oil Corporation. The rights will shift from the previous holder, China National Petroleum Corporation (CNPC).
The transfer, approved by Abu Dhabi’s Supreme Petroleum Council, marks the first time that a Chinese offshore oil and gas company has joins ADNOC’s concessions, UAE’s state-run energy firm said in a statement.
As a result, CNOOC will hold a 4 per cent interest in the Lower Zakum concession and a 4 per cent interest in the Umm Shaif and Nasr concession, while PetroChina retains a 6 per cent stake in the concessions.
The transfer also includes CNOOC buying 40 per cent in CNPC’s majority-owned subsidiary PetroChina Investment Overseas (Middle East) Ltd. (PetroChina).
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