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Chinese CNPC signed a $1,17 billion deal with UAE´s ADNOC

CNPC has been granted a 10 % interest in the Umm Shaif and Nasr concession.

Chinese CNPC signed a $1,17 billion deal with UAE´s ADNOC Chinese CNPC signed a $1,17 billion deal with UAE´s ADNOC


Abu Dhabi, 22 March - Neftegaz.RU. CNPC has been granted a 10 % interest in the Umm Shaif and Nasr concession and a 10 % interest in the Lower Zakum concession.

 

The agreements were signed, in Abu Dhabi, by Ahmed Al Jaber, ADNOC ´s CEO and Wang Yilin, CNPC Chairman. The agreements have a term of 40 years and are backdated to March 9, 2018.

 

CNPC contributed a participation fee of $575 million to enter the Umm Shaif and Nasr concession and a fee of  $600 million to enter the Lower Zakum concession.

 

The Umm Shaif field’s Arab reservoir is characterised by a huge gas cap – one of the largest in the region – with reserves rich in condensates. The gas cap overlays an oil rim which, in combination with Nasr field, has a crude production capacity of 460,000 bpd.

 

ADNOC plans to process 500 million standard cubic feet of gas per day from Umm Shaif’s gas cap to help meet Abu Dhabi’s growing domestic demand for energy. The condensates, from the gas cap, will be refined to extract higher value products that can be used in a variety of petrochemical applications.

 

CNPC joins Eni (10%) and Total (20%) as participants in the Umm Shaif and Nasr concession; and an ONGC Videsh led consortium (10%), INPEX Corporation (10%), Eni (5%) and Total (5%) as participants in the Lower Zakum concession. ADNOC retains 60% majority shares in both concessions.

 

Source : Neftegaz.RU