Abu Dhabi National Oil Company (Adnoc) has awarded China National Petroleum Corporation (CNPC) an 8% interest in the onshore oil concession operated by its subsidiary Abu Dhabi Company for Onshore Petroleum Operations (Adco).
CNPC has contributed a 6.5 billion dirham ($1.8 billion) sign up bonus to enter the concession, with the 40-year agreement backdated to 1 January 2015.
“This landmark agreement marks an important new phase in CNPC’s strategic relationship with Adnoc and we hope it will lead to further opportunities to participate in the UAE’s energy sector,” CNPC chairman Wang Yilin said.
