UAE seals deal with China's CNPC for onshore oil project

DUBAI, United Arab Emirates (AP) " The United Arab Emirates' main state oil company has signed a deal giving China National Petroleum Company an 8 percent stake in a major onshore oil project.

The Abu Dhabi National Oil Company says CNPC will pay an initial $1.77 billion for the concession operated by the Abu Dhabi Company for Onshore Petroleum Operations, also known as ADCO.

ADNOC has set aside 40 percent of the ADCO project for foreign partners. British energy company BP reached a deal for a 10 percent stake in December. Total of France has a similarly sized stake, while Japan's Inpex Corporation and GS Energy of South Korea hold smaller interests.

ADCO is aiming to boost daily production from about 1.6 million barrels currently to 1.8 million barrels this year.

This story has been automatically published from the Associated Press wire which uses US spellings

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter

SIGN UP NOW

© Copyright 2017, NZME. Publishing Limited

Assembled by: (static) on production apcf03 at 28 Apr 2017 00:00:30 Processing Time: 399ms