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INPEX Appointed Asset Leader for Lower Zakum Offshore Concession

Source: www.gulfoilandgas.com 4/30/2018, Location: Middle East

Inpex Corporation has been appointed as Asset Leader for the Lower Zakum Oil Field offshore Abu Dhabi in the United Arab Emirates (UAE) by the Abu Dhabi National Oil Company (ADNOC). INPEX, which recently signed an agreement with ADNOC, awarding it a 10 per cent interest in the Lower Zakum concession, participates in the concession through its subsidiary, JODCO Lower Zakum Limited. This is the first instance that a company other than an “Oil Major” is appointed as Asset Leader for a giant offshore field in Abu Dhabi. This appointment was enabled by INPEX’s technical contributions to oil development in the UAE. As Asset Leader of the Lower Zakum Oil Field, JODCO Lower Zakum Limited will devote its human and technical resources to the operations at the Lower Zakum Oil Field, and will play an advisory role to ADNOC. The company will also work closely with ADNOC Offshore to achieve production targets, consider and deploy EOR technology most suitable for the Lower Zakum Oil Field, reduce development and production costs and transfer technical knowledge. Furthermore, as the only IOC partner participating in both the Lower and Upper Zakum Oil Fields, INPEX, through its subsidiaries JODCO Lower Zakum Limited and JODCO, will continue to seek synergies between the two oil fields to reduce costs and maximize value. INPEX views the UAE as one of its core business areas and will continue to strive to strengthen its oil development activities and contribution efforts in Abu Dhabi as well as help further deepen the cordial relations between Abu Dhabi and Japan, while working to increase its corporate value at the same time. The impact of this matter on INPEX’s consolidated financial results is minimal, although the economics of the project are expected to further improve as a result of INPEX’s appointment as Asset Leader.

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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 


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