ADNOC awards 4% stake in offshore concession to China ZhenHua

09/12/2018 Argaam

 

Abu Dhabi National Oil Company (ADNOC) on Sunday awarded a four percent stake in its onshore concession to North Petroleum International Company Ltd, a subsidiary of China ZhenHua Oil Co. Ltd.

 

The stake was previously owned by EFC China Energy Company Limited (CEFC China).

 

The ownership change has been approved by Abu Dhabi’s Supreme Petroleum Council, the UAE oil major said in a statement.

 

China ZhenHua Oil operates 11 oil and gas upstream projects in six countries, with gross production of close to 10 million metric tons per year.

 

China ZhenHua Oil joins BP of the UK (10 percent), Total of France (10 percent), China National Petroleum Corporation (eight percent), Inpex Corporation of Japan (five percent), and GS Energy of South Korea (three percent) as participants in the onshore concession and shareholders of ADNOC Onshore.

 

ADNOC retains a majority 60 percent share in the ADNOC Onshore operated concession.

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