UAE’s Adnoc awards China’s CNPC stake in onshore concession

20/02/2017 Argaam

Abu Dhabi National Oil Company (ADNOC) has awarded an 8 percent stake in its largest onshore oilfield concession to China National Petroleum Corporation (CNPC) in an AED 6.5 billion ($1.77 billion) deal.

 

The concession is operated by the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), the United Arab Emirates' state news agency reported.

 

Earlier, ADNOC had signed in UK-based BP Plc and France’s Total SA, with each holding a 10 percent stake in the venture. Japan’s Inpex Corp. owns 5 percent and South Korea’s GS Energy Corp. of holds 3 percent.

 

Abu Dhabi plans to retain a 60 percent stake in ADCO and is looking for potential partners for the remaining 4 percent, ADNOC said.

 

The 40-year onshore concession covers 15 oilfields, including the Bab, Asab and Bu Hasa. 

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