Inpex acquires interest in ADCO concession

Inpex Corp. has acquired a 5% participating interest in the ADCO onshore concession in Abu Dhabi.

The acquisition is based on a 40-year agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Co. (ADNOC), effective Jan. 1, following Inpex’s participation in a bid.

The concession is made up of 15 principal onshore oil fields in Abu Dhabi, of which 11 are currently in production and four remain undeveloped.

In partnership with ADNOC and ADCO, the operator of the concession in which companies with participating interests hold shares, Inpex plans to proceed with development work aimed at increasing oil production to 1.8 million barrels per day by 2017.

Oil produced from the concession is shipped from the port of Jebel Dhanna on the western coast of Abu Dhabi, and also transported through an oil pipeline that began operations in 2012 and shipped from the emirate of Fujairah facing the Indian Ocean.

 

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