Abu Dhabi’s Supreme Petroleum Council (SPC) has signed a new concession agreement with Japan-owned private offshore oil and gas developer, Abu Dhabi Oil Company (Adoc), state-owned Emirates News Agency reports.
Adoc is the concession holder for three existing fields off the coast of Abu Dhabi; Mubarraz, Umm al-Anbar and Neewat al-Ghalan. The three fields currently produce about 24,000 barrels a day (MEED 27:5:10).
The agreement also includes a fourth field, the Hail field, which it will hold for 30 years beginning from 6 December 2012 when the current licence expires. The Hail field is located adjacent to Adoc’s existing operating fields and includes undeveloped reservoirs.
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.
Abu Dhabi is the biggest supplier of crude oil to Cosmo, one of Japan’s largest refiners.