ADNOC adds new Chinese partner following transfer of stakes in its Offshore Concessions from CNPC to CNOOC

ADNOC adds new Chinese partner following transfer of stakes in its Offshore Concessions from CNPC to CNOOC

ADNOC adds new Chinese partner following transfer of stakes in its Offshore Concessions from CNPC to CNOOC



(WAM) “” The Abu Dhabi National Oil Company, ADNOC, announced on Monday its agreement to the transfer of rights in its Lower Zakum and Umm Shaif and Nasr offshore concessions from the China National Petroleum Corporation, CNPC, to China National Offshore Oil Corporation's subsidiary CNOOC Limited.

The transfer has been approved by Abu Dhabi's Supreme Petroleum Council, SPC, and marks the first time that a dedicated Chinese offshore oil and gas company joins ADNOC's concessions.

The transfer of concession rights to another key Chinese company reinforces the strong and strategic bilateral ties between the UAE and the world's second-largest economy, China.

The transfer comprises of CNOOC acquiring (through its holding company, CNOOC Hong Kong Holding Limited, CNOOC HK, a 40 percent interest in CNPC's majority-owned subsidiary PetroChina Investment Overseas (Middle East) Ltd (PetroChina).

Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said, "The transfer of part of CNPC's share in two of ADNOC's major offshore concessions to CNOOC reflects the long-standing strategic and economic bilateral relations between the UAE and China, and highlights the continued pull of the UAE