ADNOC has awarded North Petroleum International Company, a subsidiary of China ZhenHua Oil, the four percent stake in its onshore concession, which was previously held by CEFC China Energy Company Limited (CEFC China).
The ownership change has been approved by Abu Dhabi’s Supreme Petroleum Council and is in line with the UAE leadership’s directives to grant access to Abu Dhabi’s oil and gas concessions to partners who offer technology, operational experience, capital or market access.
China ZhenHua Oil is 100 percent indirectly owned by the Assets Supervision and Administration Commission of the State Council, a Chinese-government agency that supervises and manages over a hundred state-owned assets and enterprises in a variety of sectors, including telecommunications, oil and petrochemicals and transport.
China ZhenHua Oil operates 11 oil and gas upstream projects in six countries, with gross production of close to 10 million metric tons per year. It is also in the fuel storage, transportation and refining business, with a trading desk in Singapore.
China ZhenHua Oil joins BP of the UK (10%), Total of France (10%), China National Petroleum Corporation (CNPC) (8%), Inpex Corporation of Japan (5%), and GS Energy of South Korea (3%) as participants in the onshore concession and shareholders of ADNOC Onshore. ADNOC retains a majority 60 percent share in the ADNOC Onshore operated concession.
For more information visit www.adnoc.ae
11th December 2018