Adnoc to transfer rights for two offshore concessions to CNPC subsidiary – The National

Adnoc to transfer rights for two offshore concessions to CNPC subsidiary – The National

CNOOC acquired 4% of CNPC's 10% interest in the Lower Zakum and Umm Shaif and Nasr concessions





























Abu Dhabi's Umm Shaif offshore field. Courtesy: Adnoc





















July 27, 2020



July 27, 2020













Abu Dhabi National Oil Company agreed to transfer rights to the Lower Zakum and Umm Shaif and Nasr concessions from China National Petroleum Corporation (CNPC) to its offshore subsidiary China National Offshore Oil Corporation (CNOOC).



Abu Dhabi's Supreme Petroleum Council approved the transaction of the offshore assets. CNOOC is the first Chinese offshore firm to engage in the production of Abu Dhabi's hydrocarbon assets. The company indirectly acquired 4 per cent of CNPC's 10 per cent interest in each of the offshore concessions.





"CNOOC joins our other international partners in the Lower Zakum and Umm Shaif and Nasr concessions and bring world-class expertise and technology to help us continue to maximise value from the concessions as we create a more profitable upstream business and deliver our 2030 strategy,“ said Dr Sultan Al Jaber, Adnoc Group chief executive and UAE Minister