Abu Dhabi, Feb 3rd, 2011 (WAM) -- The Supreme Petroleum Council of Abu Dhabi and Abu Dhabi Oil Co., Ltd., ADOC, a subsidiary of Cosmo Oil Co., Ltd., and an oil operating company in Abu Dhabi, United Arab Emirates, today signed a New Concession Agreement. ADOC is a 100 per cent concession holder of the new concession.
The New Concession Agreement covering the three existing fields ( Mubarraz Field, Umm Al Anbar Field and Neewat Al Ghalan Filed) and an additional concession area, namely the Hail Field, is valid for 30 years from 6th December 2012 after the expiration of the current Concession Agreement. The Hail Field is located adjacent to ADOCs existing operating fields and includes undeveloped reservoirs, with the maximum oil production from these reservoirs anticipated to be similar to the current production rate of the existing oil fields.Copyright Emirates News Agency (WAM) 2011.
