Inpex Corp., Tokyo, has received a 10% interest in the Lower Zakum concession offshore Abu Dhabi under an agreement with Abu Dhabi National Oil Co.
Inpex paid a participation fee of $600 million. ADNOC earlier awarded a 10% interest in the concession, which has a 40-year term, to a group of state-owned Indian companies led by ONGC Videsh Ltd. (OGJ Online, Feb. 12, 2018).
Production of Lower Zakum field, now about 400,000 b/d, is to increase to 450,000 b/d.
ADNOC Offshore operates the concession with a 60% interest.
Inpex also paid $250 million to extend its interests in the Satah and Umm Al Dalkh concession for 25 years.
It maintains its 40% stake in Satah oil field and increases its interest in Umm Al Dalkh oil field to 40% from 12%. ADNOC and Inpex plan to raise production capacities to 25,000 b/d at Satah and to 20,000 b/d at Umm Al Dalkh.
ADNOC continues negotiations for the remaining 20% of the Lower Zakum concession available to foreign companies.
Inpex held an interest in what is now the Lower Zakum concession through its wholly owned subsidiary JODCO, a partner in the now-divided Abu Dhabi Marine Areas concession.
