Inpex, ADNOC Agree to Extend Offshore Abu Dhabi Joint Development Project
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.
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Company: Abu Dhabi National Oil Co. (ADNOC) more info
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