Abu Dhabi awards Spanish firm stake in offshore oil concession

AFP,ABU DHABI: Abu Dhabi National Oil Co. (ADNOC) said yesterday it has awarded Spanish Cepsa firm a 20 percent share in a concession of two offshore oil fields in a deal worth $1.5 billion.

The 40-year deal aims to double production at the emirate’s offshore fields of SARB and Umm Lulu to 215,000 barrels per day, state-owned ADNOC said in a statement.

Its subsidiary, ADNOC Offshore, will retain a 60 percent stake in the project while the remaining 20 percent will be awarded to another company, the statement said.

Cepsa, a global oil and gas company, is wholly-owned by Abu Dhabi’s Mubadala Investment Company which has assets worth over $125 billion.

“This long-term agreement is a milestone in the development of Abu Dhabi’s integrated oil and gas sector and in the delivery of ADNOC’s 2030 smart growth strategy,” CEO of ADNOC Sultan al-Jaber said.

Last week, ADNOC awarded a 10 percent stake in the offshore concession of Lower Zakum to an Indian consortium led by ONGC Videsh company for $600 million.

ADNOC Offshore also retained a 60 percent stake in that concession, with plans to award the remaining 30 percent to a third company.

 

Abu Dhabi awards Spanish firm stake in offshore oil concession

AFP,ABU DHABI: Abu Dhabi National Oil Co. (ADNOC) said yesterday it has awarded Spanish Cepsa firm a 20 percent share in a concession of two offshore oil fields in a deal worth $1.5 billion. The 40-year deal aims to double production at the emirates offshore fields of SARB and Umm Lulu to 215,000 barrels per day, state-owned ADNOC said in a statement. Its subsidiary, ADNOC Offshore, will retain a 60 percent stake in the project while the remaining 20 percent will be awarded to another company, the statement said. Cepsa, a global oil and gas company, is wholly-owned by Abu Dhabis Mubadala Investment Company which has assets worth over $125 billion. This long-term agreement is a milestone in the development of Abu Dhabis integrated oil and gas sector and in the delivery of ADNOCs 2030 smart growth strategy, CEO of ADNOC Sultan al-Jaber said. Last week, ADNOC awarded a 10 percent stake in the offshore concession of Lower Zakum to an Indian consortium led by ONGC Videsh company for $600 million. ADNOC Offshore also retained a 60 percent stake in that concession, with plans to award the remaining 30 percent to a third company.