ADNOC enters into a franchise agreement with Inpex

Media In – Abu Dhabi, February 26, 2018

Abu Dhabi National Oil Company (ADNOC) signed an agreement with Japan’s INPEX Company, under which the latter acquired a 10% stake in the Lower Zakum offshore concession.
According to the agreement, the Japanese oil development company Zacom Lower, “Godko Zakum inferior” owned by Inpex, management of the parent company’s share in the concession.
The agreement was signed by Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its group of companies, and signed by INKEX President and CEO Toshiyaki Kitamura.
The agreement will be extended for a period of 40 years and will come into force on March 9th. Inpex will also be extended in the concession of “Sakhat” and “Umm Al Dalkh” for 25 years, and will retain its 40% And will increase its stake in the Umm Al Dalakh concession from 12% to 40%.
Inpex provided AED 2.2 billion in participation in the lower Zakum concession, which will be managed by ADNOC Marine, one of the ADNOC Group companies, on behalf of other partners. Inpex also provided AED 920 million to extend its stake in the ” And “Umm al-Dalkh”.
With this move, INPEX joins India’s consortium of companies led by the Indian oil and natural gas company, Videsh, as a partner in the Lower Zakum concession.