Just in:
Emirati Aid Reaches Ukraine as Food Shortages Bite // French Leaders Gather for Interfaith Iftar Dinner // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // New Nylon Constant Torque Hinge From Southco Provides Position Control In A Compact Package // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // German Job Market Resilience Bodes Well for Economic Recovery // Ingdan Announces 2023 Annual Results // CABSAT 2024 Ushers in 30 Years of Media Innovation // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Saudi Arabia Unveils Green Financing Tool to Achieve Net-Zero Goals // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young //
HomeCompaniesADNOC Awards China National Petroleum Corporation 8% Stake in ADCO Onshore Concession

ADNOC Awards China National Petroleum Corporation 8% Stake in ADCO Onshore Concession


Partnership will maximise onshore field value in support of ADNOC’s long-term growth objectives

19 February 2017

ADVERTISEMENT

Abu Dhabi, UAE – Abu Dhabi National Oil Company (ADNOC), today, signed an agreement with the China National Petroleum Corporation (CNPC), awarding it an 8% interest in Abu Dhabi’s onshore oil concession. CNPC contributed a sign up bonus of AED 6.5 billion ($1.77 billion) to enter the concession. The onshore concession is operated by the Abu Dhabi Company for Onshore Petroleum Operations (ADCO).

The agreement was signed by His Excellency Dr Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer and member of the Supreme Petroleum Council of the Emirate of Abu Dhabi, and His Excellency Mr. Wang Yilin, CNPC Chairman. The agreement has a term of 40 years, backdated to January 1 2015.

H.E. Dr Al Jaber said: “Our agreement with CNPC strengthens and deepens the strategic and economic relationship between the United Arab Emirates and China. With our common vision for value add partnerships, we see tremendous opportunity in working together to optimise our energy resources, by achieving maximum economic value, in support of ADNOC’s long-term growth objectives.”

“This will be a mutually beneficial partnership that will enable us to maintain strong production levels, as, together, we maximise the returns from what is a very attractive, long-term and sustainable opportunity in our onshore oilfields.”

Advertisement

CNPC is China’s largest oil and gas producer and supplier, as well as one of the world’s major oilfield service providers. It is responsible for 52% of China’s crude oil and 71% of its natural gas production. CNPC also has oil and gas assets and interests in 37 countries in Africa, Central Asia-Russia, Americas, Middle East, and Asia-Pacific.

His Excellency Mr. Wang Yilin, CNPC Chairman said: “We are honoured to be chosen by ADNOC to participate in this important onshore concession. This landmark agreement marks an important new phase in CNPC’s strategic relationship with ADNOC and we hope it will lead to further opportunities to participate in the UAE’s energy sector. As part of the agreement to enable the optimal, efficient and sustainable development of the concession, CNPC will play an active role in defining and developing technology applications in mature oil fields by planning to establish a tailor-made technology hub in ADCO.” 

China, the world’s second-largest energy consumer, was a major importer of crude oil in 2016 and often rivals the U.S. as the top oil importer. Beijing-based consultancy SIA Energy estimates China’s 2016 crude imports to have risen by 860,000 bpd, or nearly 13 percent, boosted by storage needs, robust gasoline demand and fuel exports.

The UAE is China’s second largest trading partner in the Middle East with trade between the UAE and China estimated to have increased to $60 billion in 2016, up from $54.8 billion in 2015. About 60% of China’s total trade passes through the UAE, from where it is re-exported to Africa and Europe. 

CNPC joins BP of the UK (10%), Total of France (10%), Inpex Corporation of Japan (5%), and GS Energy of South Korea (3%) as participants in the onshore concession and shareholders of ADCO. ADNOC will continue to explore opportunities with potential partners for the remaining 4% stake of the 40% stake, in the onshore concession, earmarked for foreign oil and gas companies.

-Ends-

About ADNOC
ADNOC is a major diversified group of energy and petrochemical companies, that produces 3.1 million barrels of oil and 9.6 billion cubic feet of raw gas a day. Its integrated upstream, midstream and downstream activities are carried out by 16 specialist subsidiary and joint venture companies. To find out more visit www.adnoc.ae 

For further information:
[email protected] 

© Press Release 2017

© Copyright Zawya. All Rights Reserved.

Via Zawya

ADVERTISEMENT

ADVERTISEMENT
Just in:
French Leaders Gather for Interfaith Iftar Dinner // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Ingdan Announces 2023 Annual Results // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Saudi Arabia Unveils Green Financing Tool to Achieve Net-Zero Goals // Emirati Aid Reaches Ukraine as Food Shortages Bite // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // German Job Market Resilience Bodes Well for Economic Recovery // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Global Audience to Witness Thrill of Dubai World Cup // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // US reiterates concern over Kejriwal arrest, Cong accounts // CABSAT 2024 Ushers in 30 Years of Media Innovation // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World //