The Abu Dhabi National Oil Company (ADNOC) said Tuesday (November 14th) it had signed an agreement with US and Japanese oil firms to extend their concessions and boost output at the emirate's biggest oilfield, AFP reported.
ADNOC said in a statement it signed the agreement with US giant ExxonMobil and Japan's INPEX to raise output at the Upper Zakum offshore field by around 350,000 barrels per day to one million bpd by 2024.
The agreement extended the concession of the two companies by a decade to end by 2051.
Located 83 kilometres north-west of Abu Dhabi, Upper Zakum is the world's fourth-largest oilfield and the second-largest offshore, containing almost half of the UAE's proven reserves -- nearly 100 billion barrels.
"This agreement is another milestone in our efforts to forge partnerships that bring technology, expertise and capital aimed at delivering greater economic value and levels of recovery from our resources," ADNOC CEO Sultan al-Jaber said.
The agreement is part of efforts by ADNOC to push UAE production capacity to 3.5 million bpd from about 3.2 million bpd currently.
