Abu Dhabi extends concession at major oilfield to boost output
ABU DHABI, UAE: The Abu Dhabi National Oil Company (ADNOC) said Tuesday it had signed an agreement with US and Japanese oil firms to extend their concessions and boost output at the emirate’s biggest oilfield.
ADNOC said in a statement it signed the agreement with US giant ExxonMobil and Japan’s INPEX to raise output at the Upper Zakum offshore field by around 350,000 barrels per day to one million bpd by 2024.
The agreement extended the concession of the two companies by a decade to end by 2051.
Source: News LAtest Arab