The Japanese joint venture partners behind the private offshore oil and gas developer Abu Dhabi Oil Company (Adoc) have agreed the terms for a 30-year extension to its offshore oil production concession with the Abu Dhabi government.
The agreement was made on 25 May between Adoc and Abu Dhabi’s Supreme Petroleum Council, according to Japan’s Cosmo Oil, which is the main shareholder in the company with a 63 per cent stake. Although terms have been agreed; the deal is not yet signed.
Cosmo did not disclose the terms of the agreement, only saying that it would allow the company to continue work at the Mubarraz, Umm Al Anbar and Neewat Al Galan fields off the coast of Abu Dhabi, and to start exploration work in a new, unnamed, area next to its existing concession.
If the agreement is signed, it will come in to effect on 6 December 2012, when the existing license runs out.
The other Adoc shareholders are Japan Energy Development Company, with a 31.5 per cent stake in the company, along with Tokyo Electric Power Company, Chubu Electric Power Company and Kansai Electric Power Company, each with a 1.8 per cent share.