Inpex nnounced on February 26, 2018, that the company was awarded a 10 % stake in the Lower Zakum play off the coast of Abu Dhabi in an agreement that pushes cooperation with the Abu Dhabi National Oil Co. (ADNOC) into 2058.
Inpex has paid a fee of $600 million for the Lower Zakum concession, ADNOC said. Discovered in 1963, the Lower Zakum oil field has a target rate of production of about 450,000 barrels of oil per day.
«This agreement extends that long-standing partnership between one of the world's leading oil & gas resource holding countries and the 3rd largest global economy, and represents an attractive and strategic opportunity for both parties that will deliver mutual benefits,» ADNOC CEO Ahmed al-Jaber said in a statement.
Separately, Japan Inpex will acquire an additional stake in Abu Dhabi’s Satah and Umm al-Dhalk oil field to bring its total stake in that field to 40%.
The concession deal, the 3rd signed by ADNOC in February 2018, is set to help the UAE expand its foothold in Asia.
On February 10, ADNOC awarded a 10 % stake in the Lower Zakum concession to an Indian ONGC for $600 million. CEPSA, the Spanish oil & gas company owned by Abu Dhabi's firm Mubadala, on February 18 picked up a 20 % stake in offshore concession areas of SARB and Umm Lulu for $1.5 billion.