Inpex, ADNOC Agree to Extend Offshore Abu Dhabi Joint Development Project

Inpex, ADNOC Agree to Extend Offshore Abu Dhabi Joint Development Project
Inpex Corporation agrees with the Abu Dhabi National Oil Company (ADNOC) to extend the duration of the joint development of the Satah and Umm Al Dalkh oil fields offshore Abu Dhabi in the United Arab Emirates.

Japanese exploration and production company Inpex Corporation has agreed with the Abu Dhabi National Oil Company (ADNOC) to extend the duration of the joint development of the Satah and Umm Al Dalkh oil fields offshore Abu Dhabi in the United Arab Emirates.

As a result of the agreement, ADNOC and Inpex will discuss new detailed terms on which the joint development of Satah and Umm Al Dalkh will be extended until December 31, 2042. In addition, Inpex will be granted an additional 28 percent participating interest in the Umm Al Dalkh oil field, bringing its total participating interest in the oil field to 40 percent.

The Satah and Umm Al Dalkh oil fields, located offshore Abu Dhabi and operated by Zakum Development Company (ZADCO), are producing approximately 20,000 barrels per day and 15,000 barrels per day, respectively. Inpex holds a 40 percent participating interest in the Satah oil field and a 12 percent participating interest in the Umm Al Dalkh oil field.

The current joint development agreements for the Satah and Umm Al Dalkh oil fields are scheduled to expire on March 8, 2018. Both oil fields have abundant reserves and have stably produced oil for many years based on a strong partnership between ADNOC and Inpex, according to a statement from the latter firm.

“This stable production is expected to continue over the long term. Going forward, Inpex will continue to strive to strengthen its oil development activities in Abu Dhabi in which it has engaged for over 40 years, as well as help further deepen the strong relations between Abu Dhabi and Japan,” an Inpex spokesperson said in a company statement.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Fire Protection Project Manager
Expertise: Engineering Manager
Location: Corona, CA
 
Account Manager
Expertise: Business Development|Sales
Location: Houston, TX
 
Account Manager
Expertise: Business Development
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours