Abu Dhabi National Oil Company (ADNOC) approved the transfer of a 4% interest in the Lower Zakum field and Central Offshore Concession ( Umm Shaif and Nasr fields) from China National Petroleum Corporationâs (CNPC) publicly listed subsidiary PetroChina Company Limited (PetroChina) to China National Offshore Oil Corporation (CNOOC) on 27 July 2020. ADNOC Offshore issued tender documents during 2Q 2020 for the main Long-Term Development Plan (LTDP-1) EPC contract which is intended to sustain oil production capacity at 275,000 barrels a day (b/d) from the Umm Shaif field from 2024 to 2028. It is focused upon de-bottlenecking capacity constraints in the existing Umm Shaif infield pipelines network and includes several new offshore facilities. McDermott International announced on 9 May 2019 that ADNOC had awarded it a front end engineering design (FEED) services contract as the initial phase of the Umm Shaif Gas Cap Condensate Development Project. The scope of work includes preparation and submission of an engineering, procurement, construction and installation proposal (EPCI) proposal reflecting the design of the offshore facilities developed by McDermott through its FEED work.  ADNOC had awarded China National Petroleum Corporationâs (CNPC) publicly listed subsidiary PetroChina Company Limited (PetroChina) the final 10% participating interest in its new oil development contact for the offshore Nasr and super giant Umm Shaif oil fields on 21 march 2018. The company paid a US$ 570 million (AED 2.1 billion) signature bonus, proportionally in line with the cash sums paid by its coventurers Eni SpA (10%) and Total SA (20%). ADNOC subsidiary ADNOC Offshore retains a 60% government working interest in the oil development consortium.  Total announced on 18 March 2018 that it had paid US$ 1.15 billion for a 20% stake in the new 40-year concession agreement to operate both the Nasr and Umm Shaif oil fields. Eni had acquired an initial 10% holding on 11 March 2018. The Supreme Petroleum Council (SPC) approved the creation of a new operating consortium prior to the expiry of the former Abu Dhabi Marine Operating Co (ADMA-OPCO) contract for the ADMA Central Block. The remaining 10% interest has yet to be awarded.  ADNOC had confirmed in October 2016 that it planned to combine its two largest offshore operating companies, namely ADMA-OPCO and Zakum Development Company (Zadco) into a single operating unit. It subsequently announced on 15 October 2017 that it had established a new subsidiary âADNOC Offshoreâ to be responsible for the development and delivery of oil and gas resources in Abu Dhabi waters. In launching its new unified brand in line with a 2030 smart growth strategy, ADNOC entered a transition period during which former company names are hereby being referenced for the purposes of clarity and historical integrity.  ADMA-OPCO shareholders were ADNOC 60%, BP 14.66%, Total 13.33% and JODCO 12%. ADMA-OPCO was 100% right holder in the ADMA Central Block up until the point that its 45-year ADMA contract expired on 18 March 2018.    The 1,303 sq km former ADMA Central concession encompassing both the giant Nasr and super-giant Umm Shaif oil fields expired in March 2018.        Although discovered in 1971, the Nasr oil field was only brought onstream during 2015. Early production averaged around 22,000 bo/d during 4Q 2017, but the field is being developed to reach a peak plateau rate of 65,000 bo/d in 2H 2019.       Umm Shaif was producing at a rate of around 250,000 bo/d during 4Q 2017. A new oil gathering network is to be commissioned during 2H 2019, which will allow an average production rate of 275,000 bo/d to be sustained until the year 2031.       The original Abu Dhabi offshore concession was awarded to D'Arcy Exploration Company in 1953. In 1955 the concession was assigned to ADMA, a company owned by BP and CFP. BP assigned 45% of its interest to Japan Oil Development Company Limited (JODCO) in 1972. In January 1973 ADNOC acquired 25% interest in ADMA Limited. The following January ADNOC increased its shareholdings in ADMA to 60%. ADMA-OPCO was subsequently incorporated in 1977 to operate the ADMA concessions on behalf of the interest holders, ADNOC (60%) and ADMA (40%).        In early November 2010, ADMA-OPCO CEO Ali Rashid Al Jarwan re-affirmed the fact that his company intended to increase its offshore oil production capacity to 1.75 million barrels a day (MMbbl/d) by 2019.       Partners in the Central Offshore concession effective 27 July 2020 are ADNOC Offshore (60%) Total (20%) Eni (10%), PetroChina (6%) and CNOOC (4%).
UAE, not found