Ownership rights in two offshore concessions have been transferred to China National Offshore Oil Corporation’s subsidiary by UAE’s Abu Dhabi National Oil Company (ADNOC).
The transfer involves the rights in Lower Zakum, and Umm Shaif and Nasr offshore concessions from China National Petroleum Corporation (CNPC) to CNOOC.
The approval of transfer of rights in these concessions was approved by Abu Dhabi’s Supreme Petroleum Council (SPC).
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.
Speaking, ADNOC Group CEO Sultan Ahmed Al Jaber said: “The transfer also illustrates ADNOC’s strengthened access to international markets and partners and our commitment to generating sustainable returns for the UAE.”
“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.”