North Petroleum International Company, a subsidiary of China ZhenHua Oil Co. Ltd, acquired four percent stake in Abu Dhabi National Oil Company's (ADNOC) onshore concession, which covers 14 oilfields located in the Rub’ al Khali Basin in the Middle East and its Oil production from the block is expected to increase to 2MMbpd over the next four years..
It means China ZhenHua Oil has joined the onshore concession and shareholders of ADNOC Onshore, including BP of the UK (10 percent), Total of France (10 percent), China National Petroleum Corporation (eight percent), Inpex Corporation of Japan (five percent), and GS Energy of South Korea (three percent) as participants in the onshore concession and shareholders of ADNOC Onshore.
"China ZhenHua Oil’s acquisition of the four percent stake in the onshore concession underlines the continued pull of the UAE as a leading global energy and investment destination, backed by a strong, stable and secure commercial environment," said UAE Minister of State and ADNOC Group CEO Sultan Ahmed al-Jaber. "With China ZhenHua Oil, we will pursue mutually beneficial cooperation, share business growth opportunities and work together as we deliver on our 2030 smart growth strategy,” Jaber added. Till now, China ZhenHua Oil operates 12 oil and gas upstream projects in seven countries including this project in Abu Dhabi. It is also in the fuel storage, transportation,oil trading and refining business.
In addition, ZhenHua Oil has been in operation in Egypt since 2014 and holds interests in the North West Gemsa, East Ghazalat and Alam El Shawish West concessions through its subsidiary, North Petroleum International Company Egypt Branch.Meanwhile, ZhenHua Oil is also willing to continuously expand its investment in Egypt by acquiring more high-quality oil & gas projects.
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