Abu Dhabi - Mubasher: Abu Dhabi National Oil Company (ADNOC) signed on Monday an agreement with the China National Petroleum Corporation (CNPC), awarding it an 8% interest in Abu Dhabi’s onshore oil concession, according to a press release.
CNPC contributed a sign up bonus of AED 6.5 billion ($1.77 billion) to enter the concession. The onshore concession is operated by the Abu Dhabi Company for Onshore Petroleum Operations (ADCO).
The 40-year agreement was signed by ADNOC Group CEO, Sultan Al Jaber, and Wang Yilin, the chairman of CNPC.
“Our agreement with CNPC strengthens and deepens the strategic and economic relationship between the UAE and China. With our common vision for value add partnerships, we see tremendous opportunity in working together to optimise our energy resources, by achieving maximum economic value, in support of ADNOC’s long-term growth objectives,” said Al Jaber.
“As part of the agreement to enable the optimal, efficient and sustainable development of the concession, CNPC will play an active role in defining and developing technology applications in mature oil fields by planning to establish a tailor-made technology hub in ADCO,” Yilin said.
