Gulf Oil and Gas accountACCOUNT

ADNOC to Decide on Japan Oil Concession Renewal by Early 2018

Source: Reuters 7/28/2017, Location: Middle East

Abu Dhabi National Oil Co (ADNOC) expects to make a final decision on whether to renew Japanese firms' oil concessions in Abu Dhabi oilfields before year-end or very early next year, its top executive told the Nikkei business daily.

The majority of Japanese stakes in Abu Dhabi oilfields including Inpex Corp's 12 percent hold in the massive offshore ADMA block are set to expire in March 2018, and high-ranking Japanese government officials have been frequently visiting the OPEC nation to win extensions.

ADNOC is making "good progress" in the talks on the stakes and any agreements would be new contracts with "new terms and conditions" rather than extension of existing contracts, group chief executive Sultan Al Jaber told the Nikkei.

Al Jaber indicated the possibility of roping in new partners from other countries such as China and South Korea in addition to existing stakeholders such as oil majors BP and Total, it added.

ADNOC has a long-term contract to sell liquefied natural gas (LNG) to the world's top LNG buyer JERA Co, a fuel joint venture between Tokyo Electric and Chubu Electric, which expires in 2019.

Al Jaber said ADNOC would "do everything possible" to continue LNG sales to Japan, the Nikkei said. An ADNOC official confirmed that the interview with Nikkei took place last week.

Acquisitions and Divestitures News in United Arab Emirates >>

Norway >>  8/17/2019 - Pandion Energy AS has entered into an agreement with ConocoPhillips Skandinavia AS (ConocoPhillips) to acquire a 20 percent interest in PL 891, contai...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

Indonesia >>  7/17/2019 - Mubadala Petroleum announces that it has signed an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I...
Colombia >>  7/16/2019 - Frontera Energy Corporation (FEC) (Frontera) announces the award of the VIM-22 block in addition to LLA-99 block which was previously announced on Jun...

Brazil >>  7/15/2019 - Karoon Energy Ltd (KAR) make the following statement in relation to the news published by Upstream on the 12 July 2019. Karoon confirms it has been n...
China >>  7/15/2019 - MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the companyís acquisition of the mari...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.