FINANCIAL NEWS

ADNOC to make final decision to renew Japan’s oil concession

29 Jul 2017

(MENAFN) The Emirati Abu Dhabi National Oil Co (ADNOC) announced it will make a final decision on whether to renew Japanese firms’ oil concessions in Abu Dhabi oilfields before year-end or very early next year.

By March 2018, 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.

However, 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 said that roping in new partners from other countries is possible.

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