Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) has signed a 40-year AED 4.3 billion ($1.175 billion) agreement with PetroChina, awarding the Chinese energy giant a 10% stake in two offshore concessions.
PetroChina, a subsidiary of China National Petroleum Corporation (CNPC), paid an AED 2.1 billion participation fee for the Umm Shaif and Nasr concession and an AED 2.2 billion fee for the Lower Zakum concession, ADNOC revealed on Wednesday.
“These agreements strengthen our growing relationship with ADNOC, and will help to meet China’s expanding demand for energy and contribute to asset portfolio optimisation and profitability enhancement of PetroChina,” chairman of PetroChina Wang Yilin said.
Earlier in March, ADNOC awarded French Total stakes in two offshore concessions.
In the same vein, the Abu Dhabi-based energy group also inked a 40-year agreement with Italy’s Eni for stakes in two concessions in Abu Dhabi.
ADNOC will keep a 60% stake the Umm Shaif and Nasr, and the Lower Zakum concessions.
“Energy cooperation is an increasingly important aspect of the UAE’s relations with China, the first oil importer globally and a major growth market for our products and petrochemicals,” ADNOC Group’s CEO Sultan Ahmed Al Jaber commented.
