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 >>  7/13/2018 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides a Licence Update on Frontier Exploration Licence (“FEL”) 2/14. ...
Indonesia >>  7/11/2018 - Chevron will exit the Makassar Strait gas block in the Indonesia Deepwater Development (IDD) offshore natural gas project to focus on more promising a...

United States >>  7/10/2018 - QEP Resources, Inc. announced that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement to sell natural gas and oi...
Indonesia >>  7/9/2018 - LyondellBasell (LYB) announced that Indonesian company PT Chandra Asri Perkasa Tbk (CAP), has selected LyondellBasell’s world leading polypropylene (P...

Indonesia >>  7/9/2018 - Sonoro Energy Ltd. (SNV) announces that the Ministry of Energy in Indonesia has declined its second request for an extension of the Budong Budong Prod...
Singapore >>  7/9/2018 - BW Group has entered into a definitive agreement to buy a 36.3% stake in Hafnia Tankers, a shipping company formed by the management team of former Ta...

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 |

More News

 

Oil & Gas Companies in United Arab Emirates >>


Related Links

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