Chinese oil giant CNPC has signed a deal worth $1.18 billion (950 million euros) for stakes in two Abu Dhabi oil and gas concessions, the Gulf emirate's state producer said Wednesday.

The 40-year deal is the latest in a series of contracts Abu Dhabi has sealed with foreign partners and will see China increase its footprint in the vital region.

State-run CNPC will take a 10 percent stake of the Umm Sharif and Nasr concession for $575 million (468 million euro), and 10 percent of the Lower Zakum for $600 million (488.5 million euro), Abu Dhabi's ADNOC said.

Both fields are located off Abu Dhabi's coast.

Last Sunday, ADNOC agreed a deal with French group Total for shares in the same concessions amounting to nearly $1.5 billion (1.2 billion euro).

Total was awarded 20% of the Umm Sharif and Nasr concession and five percent of the Lower Zakum concession.

Italian energy company Eni also has a 10 percent share of the Umm Sharif and Nasr concession.

bur/mh/az/dco/del

TOTAL

PETROCHINA

INPEX

ENI

ONGC - OIL & NATURAL GAS CORPORATION

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Metal-organic frameworks cut energy consumption of petrochemicals
Lausanne, Switzerland (SPX) Mar 21, 2018
In the chemical and the petrochemical industries, separating molecules in an energy-efficient way is one of the most important challenges. Overall, the separation processes account for around 40% of the energy consumed in the petrochemical industry, and reducing this can help addressing anthropogenic carbon emissions. One of the most important products in the petrochemical industry is propylene, which is widely used in fibers, foams, plastics etc. Purifying propylene almost always requires separat ... read more