Abu Dhabi National Oil Company (ADNOC) announced on 26 February 2018 that it has signed an agreement awarding a 10% interest in Abu Dhabi's new Lower Zakum Concession to INPEX Corp. Under the agreement, INPEX has paid a participation fee of US$ 600 million to join ADNOC subsidiary ADNOC Offshore (60%, op) and an ONGC-led Indian consortium (10%), as well as other yet-to-be determined international partners in the concession. INPEX's stake will be held and managed by its wholly-owned subsidiary JODCO Lower Zakum Ltd. ANDOC stated that it is in the process of finalising the potential partners for the remaining 20% interest. The 40-year concession has an effective date of 9 March 2018.<P />Lower Zakum is one of three new separate concession areas which will replace the current offshore concession operated by the Abu Dhabi Marine Operating Co (ADMA-OPCO). The ADMA offshore concession will expire on 8 March 2018, after ADNOC chose not to extend it. The move follows the company's decision to expand its strategic partnership model, as well as the active management of its portfolio of assets. The company stated that the new approach, which builds on its flexible and enhanced operating model as well as its 2030 growth strategy, will enable it to gain greater market access, broaden the partner base, expand technical expertise and maximize value<P />ADMA-OPCO, a JV comprising ADNOC (60%), BP (14.67%), Total (13.33%) and INPEX Corp (12%), was established in 1977 to operate the ADMA concession, which among others includes the Lower Zakum, Umm Shaif, Umm Lulu, Satah Al Razboot and Nasr fields. The current production of the Lower Zakum Field stands at around 400,000 bo/d, with the aim of reaching a production plateau of 450,000 bo/d by 2025. The field was discovered in 1963 and began production in 1967. As ADNOC looks to boost the country's oil production capacity to 3.5 MMbo/d in 2018, the development of its offshore fields is of strategic importance. The ADMA concession area, which produces around 700,000 bo/d, is planned to have a production capacity of about 1.0 MMbo/d by 2021.
Abu Dhabi	Inpex has won a 10% stake in the Lower Zakum concession.