Inpex Secures Deals Offshore Abu Dhabi
Inpex Corporation announced Monday that it has been awarded a ten percent participating interest in the Lower Zakum concession offshore Abu Dhabi, in the United Arab Emirates, by the Supreme Petroleum Council of the Emirate of Abu Dhabi (SPC).
The agreement, which has a term of 40 years, comes into effect on March 9, 2018, and lasts until March 8, 2058. Inpex’s interest in the Lower Zakum concession will be held by JODCO Lower Zakum Limited, a subsidiary of Inpex.
Additionally, Inpex revealed that it had concluded a 25-year extension of the Satah and Umm Al Dalkh concession, also offshore Abu Dhabi, with the SPC and the Abu Dhabi National Oil Company (ADNOC). This follows the agreement in principle for the extension announced last year.
“For over 40 years, Inpex, along with its subsidiary JODCO, has been a strategic partner to Abu Dhabi and ADNOC. Together with our other partners, it has played an important role in the development of our offshore, and onshore, oil and gas assets,” Sultan Ahmed Al Jaber, UAE minister of state and CEO of ADNOC Group, said in an organization statement.
“This agreement extends that long-standing partnership between one of the world’s leading oil and gas resource holding countries and the third largest global economy, and represents an attractive and strategic opportunity for both parties that will deliver mutual benefits,” he added.
Toshiaki Kitamura, president and CEO of INPEX, said the agreement ensures Inpex will continue to enjoy access to ‘significant, competitive and reliable resources’ that it understands very well.
“The agreement results, in part, from the unwavering long-term partnership that Inpex has built and maintained with Abu Dhabi over more than 40 years, and demonstrates Inpex’s long-term commitment to the further development of Abu Dhabi’s energy industry over the next several decades,” Kitamura said in a company statement.
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