Offshore staff
ABU DHABI, UAE – ADNOC has agreed to the transfer of rights in its Lower Zakum and Umm Shaif and Nasr offshore concessions from CNPC to CNOOC Ltd.
The transfer has been approved by Abu Dhabi’s Supreme Petroleum Council and marks the first time that a dedicated Chinese offshore oil and gas company joins ADNOC’s concessions.
The transfer consists of CNOOC acquiring (through its holding company, CNOOC Hong Kong Holding Ltd.), a 40% interest in CNPC’s majority-owned subsidiary PetroChina Investment Overseas (Middle East) Ltd.
PetroChina holds a 10% interest in the Lower Zakum concession and a 10% interest in the Umm Shaif and Nasr concession. As a result of the transfer, CNOOC will hold a 4% interest in the Lower Zakum concession and a 4% interest in the Umm Shaif and Nasr concession, while PetroChina will retain a 6% stake in the concessions.
CNOOC joins an ONGC Videsh-led consortium (10%), INPEX Corp. (10%), CNPC (6%), Eni (5%), and Total (5%) as participants in the Lower Zakum concession; and Eni (10%), Total (20%), and CNPC (6%) as participants in the Umm Shaif and Nasr concession. ADNOC retains a 60% majority ownership interest in both concessions.
In July 2019, ADNOC and CNOOC signed a comprehensive framework agreement to explore new opportunities for collaboration in both the upstream and downstream sectors as well as in LNG.
07/29/2020
