Abu Dhabi National Oil Company (Adnoc) has awarded China National Petroleum Corporation (CNPC) stakes in two of the emirate’s new offshore oil concessions.

CNPC has been awarded a 10 per cent in the Umm Shaif and Nasr concession and a 10 per cent interest in the Lower Zakum concession. CNPC paid a total participation fee of AED4.3bn ($1.2bn), with AED2.1bn provided for the Umm Shaif and Nasr concession and AED2.2bn for the Lower Zakum deposit.

The concession agreements are for a period of 40 years. The offshore agreements come just over a year after CNPC was awarded an 8 per cent interest in Abu Dhabi’s onshore concession. The Chinese oil firm also has a 40 per cent stake in the Al-Yasat concession with Adnoc.

CNPC is the sixth international company to be awarded a new offshore concession as part of the fragmentation of the Adnoc Offshore blocks, which were formerly known as the Adma-Opco concession. The CNPC stakes complete the 40 per cent partner share for both the Lower Zakum and Umm Shaif and Nasr concessions, with only a 20 per cent stake on Sarb & Lulu still to be awarded.

MEED reported on 18 March that French energy firm Total had been awarded stakes in the Umm Shaif and Nasr, 20 per cent, and Lower Zakum, 5 per cent, concessions. Italy's Eni was also awarded stakes in the two fields, winning a 5 per cent interest in Lower Zakum and a 10 per cent stake in the Umm Shaif and Nasr block.

An Indian consortium led by the overseas arm of state-owned Oil & Natural Gas Corporation (ONGC) Videsh and Japan’s Inpex were both allocated stakes in the Lower Zakum field.

Spain's Cepsa, owned by Abu Dhabi’s Mubadala Investment Company, was awarded a 20 per cent stake in the Sarb & Umm Lulu concession.