ABU DHABI GRANTS JAPAN 25 YEARS ACCESS TO OFFSHORE OILFIELDS

Last Monday, Japan’s economy, trade, and industry ministry announced that it has extended its oil rights in Abu Dhabi, UAE – the second-largest supplier of crude oil for Japan.

The extension allow Japanese companies another 25 years access to two oil fields offshore of Abu Dhabi – Satah and Umm Al-Dalkh offshore oil fields which cumulatively produces 35,000 barrels of oil per day. The previous contract with Japan’s Inpex Corporation would have been out of date in 2018, with the extension agreed, they will extend operations to the two offshore oil fields through to 2042.

Japan’s Inpex is looking to increase its shares in Umm Al-Dalkh oilfield from its current 12 per cent to 40 per cent as it currently holds approximately 40 per cent shares in the Satah oilfield.

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