Gulf Oil and Gas accountACCOUNT

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.

Acquisitions and Divestitures News in United Arab Emirates >>

Australia >>  2/18/2019 - Santos has announced it had reached an agreement to align the company’s interests, under Santos operatorship, across four exploration permits in the B...
Egypt >>  2/15/2019 - Eni has been granted by Egyptian Authorities two exploration blocks onshore Egypt. The first block, “South East Siwa” (Eni 100%), has been assigned wi...

Thailand >>  2/15/2019 - PTT Exploration and Production Public Company Limited (PTTEP) disclosed that its subsidiary, PTTEP SP Limited, signed the Share Purchase Agreement (SP...
Australia >>  2/14/2019 - On 25 January 2019, Vintage Energy Ltd received Ministerial consent, the final condition precedent of the Sale and Purchase Agreement between Vintage ...

United Kingdom >>  2/14/2019 - AIM-listed UK Oil & Gas (UKOG), the largest onshore licence acreage holder in the Weald Basin, has entered into a binding heads of terms withDoriemus ...
United States >>  2/14/2019 - Harvest Oil & Gas Corp. has entered into a definitive agreement to sell all of its interests in the San Juan Basin in New Mexico and Colorado to an un...

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 | 14 |

Oil & Gas Projects in United Arab Emirates >>

More News

Related Links

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