Japanese firms are in advanced negotiations with Abu Dhabi National Oil Company (Adnoc) to renew an offshore concession set to expire next year, according to a representative of the Asian country's economy, trade and industry ministry.

"Negotiations are in a very last stage for offshore concessions. [Abu Dhabi] is seriously [considering] offers from the Japanese side," Masato Sasaki, director of the oil and natural gas division at the ministry was quoted as saying to reporters by the UAE's Gulf News.

He said two or three firms were involved in the discussions, but declined to name them.

Japan Oil Development Company (Jodco) currently holds 40 per cent of Adnoc subsidiary Zakum Development Company’s Satah concession, 12 per cent of Umm al-Dalkh and 12 per cent of Upper Zakum. Jodco also holds a 12 per cent stake in Abu Dhabi Marine Operating Company, 5 per cent of Abu Dhabi Company for Onshore Petroleum Operations, while Mitsui has a 15 per cent share in the Adgas joint venture.

On 9 October, Adnoc signed a memorandum of understanding with Japan - its second-largest market for crude and refined products - to expand co-operation across various energy segments.

The national oil company announced in July that it would open up some of its assets to international partnerships as part of its new strategic direction. Adnoc has previously said it was in talks with Chinese and Japanese firms. It is seeking international investment in its upstream, mid and downstream segments.