Abu Dhabi - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has signed an agreement with Japan’s INPEX Corporation to award the Japanese company a 10% interest in Abu Dhabi’s offshore Lower Zakum concession, according to a company statement released on Monday.
An INPEX’s unit, JODCO Lower Zakum, will hold and manage the interest in the concession on behalf of the Japanese parent company, ADNOC added.
INPEX has paid AED 2.2 billion ($ 600 million) in participation fee to enter the Lower Zakum concession, which will be managed by ADNOC Offshore, ADNOC’s unit, on behalf of all concession partners.
“For over 40 years, INPEX, along with its subsidiary JODCO, has been a strategic partner to Abu Dhabi and ADNOC. Together with our other partners, it has played an important role in the development of our offshore, and onshore, oil and gas assets,” ADNOC Group’s CEO Sultan Ahmed Al Jaber commented.
The Tokyo-based company has also paid AED 920 million ($250 million) to extend its interests in the Satah and Umm Al Dalkh concession and has joined ONGC Videsh-led Indian consortium as a partner in the Lower Zakum concession
“This agreement ensures INPEX continues to enjoy access to significant, competitive and reliable resources that we understand very well,” INPEX president and CEO Toshiaki Kitamura concluded.
