ADNOC appoints Inpex unit as asset leader for Lower Zakum concession

April 30, 2018
Abu Dhabi National Oil Co. (ADNOC) has signed an agreement appointing JODCO Lower Zakum Ltd., a wholly owned subsidiary of Japan’s Inpex Corp., as the asset leader for Abu Dhabi’s Lower Zakum concession area.

Abu Dhabi National Oil Co. (ADNOC) has signed an agreement appointing JODCO Lower Zakum Ltd., a wholly owned subsidiary of Japan’s Inpex Corp., as the asset leader for Abu Dhabi’s Lower Zakum concession area.

Inpex in February was awarded 10% interest in Abu Dhabi’s offshore Lower Zakum concession (OGJ Online, Feb. 27, 2018). At the same time the company’s stakes in Abu Dhabi’s Satah and Umm Al Dalkh concession were extended for 25 years. Inpex also maintained its 40% stake in Satah and increased its Umm Al Dalkh share to 40% from 12%.

JODCO, as asset leader, will lead the development plans to achieve the concession objectives, including building up and sustaining production targets, achieving agreed recovery rates, and cost optimization targets.

Lower Zakum is one of three new separate concession areas that make up the former ADMA offshore concession, namely Lower Zakum, Umm Shaif and Nasr, and Satah Al Razboot (SARB) and Umm Lulu.

Other international shareholders in the Lower Zakum concession area are China National Petroleum Corp., an Indian consortium led by ONGC Videsh, Italy’s Eni SPA, and France’s Total SA. ADNOC retains a majority 60% stake in the concession.