Adnoc awards USD850mn concession agreements to Japan's Inpex
Abu Dhabi National Oil Company (Adnoc) awarded Japan's Inpex operating stakes in an offshore concession and extended existing partnerships on two others in agreements worth cUSD850mn. Inpex picked up a 10% 40-year stake in the offshore Lower Zakum concession area valued at USD600mn and had its concession agreements on the Satah and Umm Al Dalkh fields extended for 25 years for a fee of USD250mn, Adnoc said in a statement on Monday. The Japanese firm, which last year signed an agreement with Exxon Mobil to boost production capacity from Upper Zakum to amn barrels per day (bpd) by 2024, saw its stake in the Umm Al Dalkh concession increased to 40% from 12%, Adnoc said.
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