Inpex Corp. reports that the Abu Dhabi government has extended the concession for the Upper Zakum oil field offshore Abu Dhabi to Dec. 31, 2041, by adding more than 15 years to the previous term.
The Upper Zakum oil field is 50 miles (80 kilometers) offshore, northwest of Abu Dhabi City. It has an area of 444 square miles (1,150 square kilometers). Production capacity is currently targeted at 750,000 barrels per day.
The field is being jointly developed by Abu Dhabi National Oil Co. (ADNOC), ExxonMobil, and Inpex subsidiary Japan Oil Development Co. Ltd. (JODCO). Current interest ownership is ADNOC, 60%; ExxonMobil, 28%; and JODCO, 12%.