Japan's Cosmo Expects Abu Dhabi's Hail Oilfield To Startup In 1H 2017

Reuters

TOKYO, Aug 12 (Reuters) - Japan's Cosmo Energy Holdings expects the offshore Hail oilfield in Abu Dhabi to likely start production in the first half of 2017, a company spokesman said on Friday.

The company had earlier projected in May 2015 that start up would occur in the second half of this year.

Cosmo has an undisclosed stake in the field through its 63 percent-owned joint venture with fellow Japanese firms, the Cosmo spokesman said. He declined to comment on production targets but industry sources have said the field is likely to produce around 20,000 barrels per day at its peak.

Abu Dhabi's state-owned investment vehicle International Petroleum Investment Co (IPIC) owns all of Cepsa and is the biggest shareholder in Cosmo, with nearly a 21 percent stake.

Cosmo in 2011 was granted a 30-year extension on its stakes in oilfields in the United Arab Emirates, as well as a contract for a new concession for the Hail oilfield for the same amount of time.

(Reporting by Osamu Tsukimori; Editing by Christian Schmollinger)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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