]]]]]]>]]]]>]]> ADNOC transfers rights in major offshore concessions from CNPC to CNOOC. Credit: Abu Dhabi National Oil Company. <\/p>\n
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UAEs Abu Dhabi National Oil Company (ADNOC) has announced the transfer of ownership rights in two offshore concessions to China National Offshore Oil Corporations (CNOOC) subsidiary CNOOC Limited.<\/p>\n
ADNOC will transfer the rights in Lower Zakum, and Umm Shaif and Nasr offshore concessions from China National Petroleum Corporation (CNPC) to CNOOC.<\/p>\n
Transfer of rights in these concessions was approved by Abu Dhabis Supreme Petroleum Council (SPC).<\/p>\n
CNOOC will join a consortium, which includes ONGC Videsh, INPEX, CNPC, Eni, and Total as participants in the two concessions, in which ADNOC holds a 60% stake. <\/p>\n
ADNOC Group CEO Sultan Ahmed Al Jaber said: The transfer also illustrates ADNOCs strengthened access to international markets and partners and our commitment to generating sustainable returns for the UAE.<\/p>\n
CNOOC joins our other international partners in the Lower Zakum and Umm Shaif and Nasr concessions and bring world-class expertise and technology to help us continue to maximise value from the concessions as we create a more profitable upstream business and deliver our 2030 strategy.<\/p>\n
CNOOC will acquire a 40% stake of CNPCs majority-owned subsidiary PetroChina Investment Overseas, which, in turn, holds a 10% interest each in the Lower Zakum and Umm Shaif and Nasr concessions. <\/p>\n
Post the transfer of rights to CNOOC, PetroChina will retain a 6% stake in the concessions.<\/p>\n
CNOOC chairman Wang Dongjin said: We are very pleased to participate in the Lower Zakum and Umm Shaif and Nasr concessions. This further strengthens the strategic relationship with ADNOC and PetroChina.<\/p>\n
Last month, ADNOC reached a $20.7bn gas infrastructure deal with a consortium of investors. The group consists of six investors, namely Global Infrastructure Partners (GIP), Brookfield Asset Management, Ontario Teachers Pension Plan Board, Singapores sovereign wealth fund GIC, NH Investment & Securities, and Snam. <\/p>\n
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ADNOC adds China's CNOOC as new partner in two offshore concessions - Offshore Technology<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" ]]]]]]> ]]]]> ]]> ADNOC transfers rights in major offshore concessions from CNPC to CNOOC. Credit: Abu Dhabi National Oil Company. Sign up here for GlobalData's free bi-weekly Covid-19 report on the latest information your industry needs to know. Continue reading