Abu Dhabi National Oil Company (ADNOC) awards Japan’s Inpex 10% stakes in its Lower Zakum oil field for $600 million, offshore UAE, Bloomberg reported.

The shares were awarded by the Supreme Petroleum Council of the Emirate of Abu Dhabi (SPC), a 40-year term agreement taking effect from March 9th 2018 until March 8th 2058, Your Oil and Gas News informed.

Under the agreement, Inpex’ shares in the field will be operated by JODCO Lower Zakum Limited, a subsidiary of Inpex.

“We have been involved in this project for 45 years,” Inpex’s Managing Executive Officer, Hiroshi Fujii, told reporters in Tokyo.

Inpex was further awarded a 25-year extension of the Satah and Umm Al Dalkh concession for $250 million. Through the agreement, the Japanese were awarded 28% additional interest in the Umm Al Dalkh oil field.