INPEX Corporation has acquired a 5% participating interest in the ADCO Onshore Concession in Abu Dhabi. The acquisition is based on a 40-year agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) effective January 1, 2015, following INPEX's participation in a bid.
The acquisition further underscores the strengthening of INPEX's ties with Abu Dhabi, following the extension of the concession agreement for the Upper Zakum Oil Field until 2041, as announced on January 21, 2014.
The concession is made up of 15 principal onshore oil fields in Abu Dhabi of which eleven are currently in production and four remain undeveloped. Combined, these make up one of the world's largest deposits of oil producing 1.6 million barrels per day.
In partnership with ADNOC and ADCO, the operator of the concession in which companies with participating interests hold shares, INPEX plans to proceed with development work aimed at increasing oil production to 1.8 million barrels per day by 2017.