INPEX CORPORATION (INPEX) announced today that it has agreed in principle with the Abu Dhabi National Oil Company (ADNOC) to extend the duration of the joint development of the Satah and Umm Al Dalkh oil fields offshore Abu Dhabi in the United Arab Emirates.
Based on the agreement in principle, ADNOC and INPEX will discuss new detailed terms on which the joint development of Satah and Umm Al Dalkh oil fields will be extended until 31 December 2042.
In addition, INPEX will be granted an additional 28% participating interest in the Umm Al Dalkh oil field, bringing its total participating interest in the oil field to 40%. The Satah and Umm Al Dalkh oil fields, located offshore Abu Dhabi and operated by Zakum Development Company (ZADCO), are producing approximately 20,000 barrels per day and 15,000 barrels per day, respectively. INPEX holds a 40% participating interest in the Satah oil field and a 12% participating interest in the Umm Al Dalkh oil field. The current joint development agreements for the Satah and Umm Al Dalkh oil fields are scheduled to expire on 8 March 2018.
Both oil fields have abundant reserves and have stably produced oil for many years based on a strong partnership between ADNOC and INPEX. This stable production is expected to continue over the long term.
Going forward, INPEX will continue to strive to strengthen its oil development activities in Abu Dhabi in which it has engaged for over 40 years, as well as help further deepen the strong relations between Abu Dhabi and Japan.