The UAE’s Supreme Petroleum Council will grant a 20-year renewal for Cosmo Oil Company, which holds a 45-year concession in the emirate’s Mubarraz field that will expire in 2012.
Abu Dhabi Oil Company (Adoc), a subsidiary of Cosmo operating in the emirate since 1973, may also be granted additional exploration rights when the agreement is renewed, Yousef Omair bin Yousef, chief executive officer of Abu Dhabi National Oil Company, told the reporters .
Among foreign countries, Japan has become the third biggest E&P investor in Abu Dhabi, which includes seven offshore Japanese oil ventures.
According to reports, Japanese firms will start to see many oil concessions expire in 2012 and afterward. Currently, 18 percent of all the oil the nation imports comes from oil fields in which Japanese companies have interests. The Japanese government is looking to raise this intake to 40 percent by 2030.
The International Petroleum Investment Company (IPIC), Abu Dhabi government’s investment arm, owns one-fifth of Cosmo. UAE, which supplies about one million barrels of crude oil daily to the far eastern country, is Cosmo’s biggest crude supplier and the second-biggest supplier to Japan next to Saudi Arabia.
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Japanese Oil Co. To Increase Its Stake In Arabian Oil Field
Japanese fourth-largest refiner Cosmo Oil Company was allowed to extend its stake in an oilfield in UAE
