Inpex buys stake in Abu Dhabi oil concession for $600m

The agreement being signed by H.E. Dr Sultan Ahmed Al Jaber, ADNOC Group CEO and member of Abu Dhabi’s Supreme Petroleum Council and Toshiaki Kitamura, President and Chief Executive Officer of INPEX
The agreement being signed by H.E. Dr Sultan Ahmed Al Jaber, ADNOC Group CEO and member of Abu Dhabi’s Supreme Petroleum Council and Toshiaki Kitamura, President and Chief Executive Officer of INPEX

The Abu Dhabi National Oil Company (Adnoc) has sold Japan’s Inpex a 10% stake in the offshore Lower Zakum concession for $600million.

Inpex subsidiary Jodco Lower Zakum will hold and manage the interest.

The agreement comes into effect on March 9 and has a term of 40 years.

Meanwhile, Inpex’s stakes in Abu Dhabi’s Satah and Umm Al Dalkh concession have been extended for 25 years.

Inpex has retained its 40% stake in Satah and increased its Umm Al Dalkh share from 12% to 40%.

Inpex paid $25 million to extend its interests in the Satah and Umm Al Dalkh concession.

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