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February 20, 2017

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CNPC gets 8% share of UAE oil concession

THE China National Petroleum Corporation yesterday secured an 8 percent share in an onshore oil concession in Abu Dhabi in a deal worth US$1.77 billion, the Emirati company said.

The Chinese giant signed a deal with the Abu Dhabi National Oil Company for a stake in the Abu Dhabi Company for Onshore Petroleum Operations which operates the 40-year concession, ADNOC said in a statement.

“This will be a mutually beneficial partnership that will enable us to maintain strong production levels,” ADNOC chief executive Sultan Ahmed Al Jaber said.

CNPC chairman Wang Yilin said he hoped the deal would “lead to further opportunities to participate in the UAE’s energy sector.”

CNPC is China’s largest oil and gas producer and supplier, responsible for more than half of China’s crude oil output and 71 percent of its natural gas production.

CNPC also has oil and gas projects in 37 countries in Africa, Central Asia and Russia, the Americas, the Middle East and Asia-Pacific, it said.

The United Arab Emirates is China’s second-largest trading partner in the Middle East.

British oil giant BP last year secured a 10 percent share in the same concession. France’s Total won a further 10 percent out of the total 40 percent earmarked for foreign companies. Inpex Corp. of Japan secured 5 percent and South Korea’s GS Energy 3 percent. ADNOC is still looking for a partner for the remainder of the concession.


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