On 18 February 2018, Abu Dhabi National Oil Company (ADNOC) signed a new 40-year concession agreement with Cepsa, whereby it will assume operatorship of the producing Satah Al Razboot (SARB) and Umm Lulu /Al Mutard oil fields in addition to the smaller, undeveloped Bin Nashef and Al Batteel fields with a 20% working interest. The company paid a US$ 1.5 billion (Dhs 5.5 billion) signature bonus to participate in the development contract, which becomes effective on 9 March 2018 following the expiry of the former Abu Dhabi Marine Operating Co (ADMA-OPCO) concession. Mubadala Investment Company (MIC) owns a 100% interest in Cepsa following the merger of Mubadala Development Company (MDC) and International Petroleum Investment Company (IPIC) during 2017. ADNOC Offshore will retain a 60% stake in the new concession agreement, with other partners to be awarded the remaining 20% interest.  Background information Â  Â 
Cepsa has won a 20% stake in the Umm Lulu and Satah Al Razboot (SARB) concession for US$1,5 billion.