japan buys interest in abu dhabi crude oilfield
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Acquisition is based on a 40­year contract

Japan buys interest in Abu Dhabi crude oilfield

Arab Today, arab today

Arab Today, arab today Japan buys interest in Abu Dhabi crude oilfield

Japan's largest oil explorer INPEX Corporation
Tokyo - Arab Today

Japan's largest oil explorer INPEX Corp. announced on Monday that it has acquired a five­percent stake in an oil concession in Abu Dhabi, the United Arab Emirates (UAE).

The acquisition is based on a 40­year contract with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) starting from January this year, the Tokyo­based company said in a press release.

"This new acquisition in Abu Dhabi, positioned as one of the core areas for INPEX's petroleum development and production operations, is highly significant in terms of the company's growth strategies, and also largely contributes to the long­term, stable supply of energy to Japan," INPEX President and CEO Toshiaki Kitamura said.

"Our acquisition of a participating interest in the oil­producing concession is likely the result of the value placed in our track record in oil development and production operations and technological contributions in Abu Dhabi over many years," Kitamura said.

The value of the stake was not revealed, but Japanese public broadcaster NHK said earlier it is worth USD 1.1 billion and INPEX will secure 80,000 bpd. Japanese Prime Minister Shinzo Abe said in a statement that the deal will greatly contribute to securing a stable supply of crude oil to Japan. "It is a result of resource Diplomacy," Abe added.

The onshore bloc in Abu Dhabi is made up of 15 oil fields with current total daily production of 1.6 million barrels per day (bpd), INPEX said, adding that it plans to increase the output to 1.8 million bpd by 2017.
Some 11 international firms are participating in the bidding for the 15 onshore oilfields. Among them, French oil major, Total, has already obtained a 10­percent stake. Japan relies on self­developed oilfields for 20 percent of its crude imports, or 700,000 bpd.

It is the first time that a Japanese firm is acquiring a stake in overseas oilfields since another firm gained oil rights in Iraq in 2009. Analysts said Japanese government officials have made all­out efforts to own another stake in overseas oilfields, according to NHK. The UAE is the second­biggest crude oil supplier for Japan after Saudi Arabia. INPEX, which has engaged in business operations in Abu Dhabi for over 40 years, is a worldwide oil and gas exploration and production company with more than 70 active projects across 25 countries including the Middle East.
Source: KUNA

       

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japan buys interest in abu dhabi crude oilfield japan buys interest in abu dhabi crude oilfield

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japan buys interest in abu dhabi crude oilfield japan buys interest in abu dhabi crude oilfield

 



GMT 02:36 2017 Saturday ,23 December

Syrian regime forces bombarded Hama killing dozens

GMT 06:54 2017 Friday ,22 December

US vice president makes unannounced Afghanistan visit

GMT 11:28 2018 Wednesday ,17 January

Ambassador of Switzerland meets MP Khalil

GMT 20:05 2011 Friday ,05 August

Sikorsky delivers first S-701 helicopters

GMT 13:47 2017 Thursday ,14 September

EU citizens, British expats rally for Brexit rights

GMT 21:08 2016 Tuesday ,22 November

Kuwaiti Oil Price Goes up to $42.51 pb

GMT 04:03 2017 Tuesday ,25 July

Jamaica stuns Mexico to reach Gold Cup final

GMT 18:52 2015 Saturday ,12 December

Nusra chief rejects outcome of Riyadh meet on Syria

GMT 10:04 2017 Thursday ,13 April

Mattis: No Doubt the Syrian Government Responsible

GMT 14:05 2017 Thursday ,02 March

Canada economy grew 2.6% in fourth quarter
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday