CNPC Buys Stake in Abu Dhabi Co.
CNPC Buys Stake in Abu Dhabi Co.

CNPC Buys Stake in Abu Dhabi Co.

CNPC Buys Stake in Abu Dhabi Co.

Abu Dhabi National Oil Co. awarded a stake in its largest oil concession to China National Petroleum Corp. as the Middle East emirate brings in more foreign investors to raise crude production capacity.
CNPC will take an 8% stake in the oil-production joint venture in return for paying a $1.8 billion signing bonus, ADNOC said in a statement Sunday, Bloomberg reported.
BP Plc joined the project in December for a 10% stake after Total SA took the same share in January 2015. 
The deal would provide BP an output of 160,000 barrels a day, in addition to the 95,000 barrels the company now produces in Abu Dhabi.
Abu Dhabi, the largest sheikhdom in the United Arab Emirates, is boosting crude production capacity amid a global glut that cut prices to an average of about $50 a barrel over the last two years. 
OPEC, of which the UAE is the fourth-biggest producer, agreed in November to cut production in effort to trim crude stockpiles and boost prices. Abu Dhabi, with about 6% of global oil reserves, aims to boost production capacity to 3.5 million barrels a day by 2018, even as it trims current output.
CNPC is joining the joint venture known as Abu Dhabi Company for Onshore Petroleum Operations, or ADCO. 
Japan’s Inpex Corp. owns 5% and GS Energy of South Korea holds 3%. ADCO pumps about half of UAE’s roughly 3 million barrels of daily crude output.

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