UAE – Abu Dhabi National Oil Company (ADNOC) has announced the transfer of ownership rights in its Lower Zakum and Umm Shaif and Nasr offshore concessions to China National Offshore Oil Corporation’s (CNOOC) subsidiary CNOOC Limited.
The rights will be transferred from the shares of China National Petroleum Corporation (CNPC) in these concessions following the approval of Abu Dhabi’s Supreme Petroleum Council (SPC), according to a press release on Monday.
CNOOC will join a consortium, comprising ONGC Videsh, INPEX Corporation, CNPC, Eni, and Total as participants in the concessions, in which ADNOC holds a 60% stake.
This step marks the first time for a dedicated Chinese offshore oil and gas company to join ADNOC's concessions.
CNOOC will acquire 40% of stake of CNPC’s majority-owned subsidiary PetroChina Investment Overseas, which holds a 10% interest in Lower Zakum and Umm Shaif and Nasr concessions each.
Following the transfer of rights to CNOOC, PetroChina will own a 6% stake in the concessions.
UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Ahmed Al Jaber, said: "The transfer of part of CNPC’s share in two of ADNOC’s major offshore concessions to CNOOC reflects the long-standing strategic and economic bilateral relations between the UAE and China."
Meanwhile, the chairman of CNOOC, Wang Dongjin, commented: "CNOOC will leverage our extensive expertise in the offshore sector and be dedicated to value creation in these concessions for our mutual benefit."
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