China National Offshore Oil Corp. (CNOOC) has joined as a new partner in the UAE’s two offshore concessions, namely Lower Zakum, and Umm Shaif and Nasr offshore concessions. This agreement follows a comprehensive framework agreement on opportunities to explore upstream and downstream collaboration signed by ADNOC and CNOOC in July 2019.
Under the partnership, Abu Dhabi National Oil Co (ADNOC) will transfer the rights in those concessions from China National Petroleum Corp. (CNPC) to CNOOC. CNOOC will own a 4% interest in the two concessions. CNPC, which holds 10% of both concessions will keep a 6% stake in the assets after the transfer.
Other stakeholders in Lower Zakum are INPEX Corp. (10%), ONGC Videsh-led consortium (10%), ni (5%), and Total (5%). Meanwhile, Umm Shaif and Nasr stakeholders are Eni (10%), Total (20%). ADNOC holds 60% of the two concessions.
