Abu Dhabi National Oil Company (Adnoc) has appointed Jodco Lower Zakum, a wholly-owned subsidiary of Japan’s Inpex Corporation, as the asset leader for Abu Dhabi’s Lower Zakum concession area.
The agreement was announced on the second day of a visit to the UAE by Japan’s Prime Minister Shinzo Abe. It was signed by Sultan Ahmed al-Jaber, Adnoc group CEO and a member of Abu Dhabi’s Supreme Petroleum Council, and Toshiaki Kitamura, president and CEO of Inpex.
In February, Inpex was awarded a10 per cent interest in Abu Dhabi’s offshore Lower Zakum concession. At the same time the company’s stakes in Abu Dhabi’s Satah and Umm Al Dalkh concession were extended for 25 years.
Inpex has retained its 40 per cent stake in Satah and increased its Umm al-Dalkh share from 12 per cent to 40 per cent.
As asset leader, Jodco will lead the development plans to achieve the concession objectives, including building up and sustaining production targets, achieving agreed recovery rates and cost optimisation targets.
Lower Zakum is one of three new separate concession areas that make up the former ADMA offshore concession, namely Lower Zakum, Umm Shaif and Nasr, and Satah al-Razboot (Sarb) and Umm Lulu.
Adnoc says the restructuring of concessions is aimed at maximising commercial value, broadening the partner base, expanding technical expertise and enabling greater market access.
Other international shareholders in the Lower Zakum concession area are China National Petroleum Corporation, an Indian consortium led by ONGC Videsh, Italy’s Eni and France’s Total. Adnoc retains a 60 per cent stake in the concession.
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