Index Corp Extended Holding in Offshore Fields

Index Corp Extended Holding in Offshore Fields

Japan’s Inpex Corp said it had agreed with Abu Dhabi National Oil Co (ADNOC) to extend its holdings in the Satah and Umm Al-Dalkh offshore oilfields in Abu Dhabi by about 25 years, Nikkei Asian Review reported.

Inpex added it would also be granted an additional 28% stake, currently owned by ADNOC, in the Umm Al-Dalkh oilfield, increasing the Japanese firm’s holding to 40%.

No price tag was disclosed. This came as Japan’s Minister of Economy, Trade and Industry, Hiroshige Seko, met mid January with ADNOC’s CEO, Sultan Ahmed al-Jaber, according to Reuters. They reached a basic agreement on the extension. Inpex’s concessions on the Umm al-Dalkh and Satah fields off the coast of Abu Dhabi were originally set to expire in March 2018.

The Satah and Umm Al-Dalkh oil fields, operated by Zakum Development Co (ZADCO), produce about 20,000b/d and 15,000b/d respectively.

The capital of the United Arab Emirates appears to have granted the 25-year extension in consideration of Japan’s contributions to the emirate in health care and other areas. For Japan, Abu Dhabi is its second-largest supplier of crude oil after Saudi Arabia.


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