Dubai: Abu Dhabi National Oil Company (Adnoc) announced on Monday it has signed an agreement to award CEFC China Energy Company a 4 per cent stake in Abu Dhabi’s onshore oil concession.
CEFC contributed a sign up bonus of Dh3.3 billion to enter the concession, according to a statement from Adnoc. The concession is operated by the Abu Dhabi Company for Onshore Petroleum Operations (Adco).
The agreement has a term of 40 years, and is backdated to January 1, 2015.
The announcement on Monday comes just a day after Adnoc said it signed a deal giving another Chinese company, China National Petroleum Corporation, an 8 per cent stake in the same concession.
Monday’s announcement of the 4 per cent stake marks the final stake Adnoc will award in that onshore concession. Other participants in the concession include the UK’s BP (with a 10 per cent stake), France’s Total (which has a 10 per cent stake), Japan’s Inpex Corporation’s (with a 5 per cent stake), and South Korea’s GS Energy (with a 3 per cent stake).
