Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (Adnoc) signed an agreement to give China National Petroleum Corporation (CNPC) an 8% stake in Abu Dhabi’s onshore oil concession.
“CNPC contributed a signup bonus of AED 6.5 billion ($1.776 billion) to enter the concession,” according to a statement
The concession is operated by the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), the statement said, adding that the 40-year agreement is backdated to 1 January 2015.
CNPC is responsible for 52% of China’s crude oil and 71% of its natural gas production.
"CNPC joins BP of the UK (10%), Total of France (10%), Inpex Corporation of Japan (5%), and GS Energy of South Korea (3%) as participants in the onshore concession and shareholders of ADCO," the statement noted.
