Gulf Oil and Gas accountACCOUNT

ADNOC to Decide on Japan Oil Concession Renewal by Early 2018

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

Share |
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 >>

Ireland >>  10/18/2017 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides an update on Licensing Option (LO) 16/27. Providence is pleased...
Canada >>  10/17/2017 - Tangle Creek Energy Ltd. (Tangle Creek) has closed an acquisition of assets primarily in the Waskahigan and Kaybob areas of Alberta. Included in the a...

Equatorial Guinea >>  10/17/2017 - The Ministry of Mines and Hydrocarbons, Ophir Energy and national oil company GEPetrol have signed a new production sharing contract (PSC) for Block E...
Italy >>  10/17/2017 - Saffron Energy, the AIM quoted European natural gas company, has been awarded a Production Concession for its Sant' Alberto gas field from the Italian...

Colombia >>  10/16/2017 - Frontera Energy Corporation (FEC) announces that it has signed an agreement to acquire the outstanding 36.36% ownership of Pacific Midstream Limited (...
Australia >>  10/13/2017 - Key Petroleum has announced that subsequent to the agreement of binding terms for the acquisition of AWE's 100% interest in Production Licence L7 (R1)...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  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 |

More News

 

Oil & Gas Companies in United Arab Emirates >>


Related Links

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