INPEX buys out Abu Dhabi offshore oil share for USD 600 million
Date: 2018-02-28   Author: Dhananjay Punekar  Category: #news

INPEX buys out Abu Dhabi offshore oil share for USD 600 million

INPEX Corporation, a Japanese firm involved in oil exploration & production, has reportedly secured the development rights for a 10% ownership in Lower Zakum offshore oil field at USD 600 million. According to reliable sources, the agreement will remain valid for the next forty years, post its commencement on March 9 this year.

Apparently through this joint agreement, INPEX was granted an extension of its USD 250 million contract with Umm Al Dalkh in Abu Dhabi for a period of twenty-five years. As per the joint statement released by INPEX and Abu Dhabi National Oil Corporation, the deal is expected to provide an extra 28% stake in the Umm al- Dalkh Oil basin located in the UAE.

This pact seems to be the third of its kind for the UAE government this month. Cia Espanola de Petroleos S.A.U, an oil & gas firm headquartered in Spain, had also invested USD 1.5 billion in the oil fields of Sateh Al Razboot & Umm Lulu to acquire 20% of the shares after entering into a pact in the second half of this month. However, a group of India- based oil firms, allocated funds worth USD 600 million for 10% stake in Lower Zakum field in the early half of this month.

According to Bloomberg, INPEX is the first such partner across the current offshore concession, that has renewed its stake in the offshore oil fields of Abu Dhabi in the UAE. Industry analysts believe that oil-rich countries in the Middle East are seeking optimum financial assistance from Asian countries to expand their energy infrastructure and make it more robust. Oil costs, which have recovered to approximately USD 70 per barrel from a massive dip two years earlier, have encouraged public & private entrepreneurs to look at the lucrative market avenues and explore new opportunities along with the escalating oil demand.



About Author


Dhananjay Punekar

Dhananjay Punekar

Dhananjay currently works as a content writer at AlgosOnline. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted fo...

Read More

More from Dhananjay


Post Recommendents

UK court of appeal rules Heathrow third runaway expansion plan illegal
Author: Saipriya Iyer

Heathrow airport’s third runway expansion plan has recently been declared as illegal by the UK appeals court on environmental grounds. The Paris climate agreement to mitigate greenhouse gas emission has been considered in the ruling, which h...


Neurostimulation Devices Market | Industry Developments, Outlook, Current Trends by 2025
Author: Rahul Varpe

The American Neurological Association says that neurological diseases affect more than 100 million American people each year. Reports suggest that North America neurostimulation devices market size is projected to depict a robust CAGR of over 13.5...


Antidiabetics Market | Regional Landscape, Production, Sales & Consumption Status and Prospects 2019-2025
Author: Rahul Varpe

Global Antidiabetics Market value is set to achieve a significant CAGR from 2019 to 2025, as per the new research report. With the exponentially growing population and the prevalence of a sedentary lifestyle, a significant rise in the patient pool...