China National Petroleum Corporation (CNPC) the country's largest oil and gas producer, awarded stakes in two offshore concessions from Abu Dhabi National Oil Company (ADNOC), according to the Chinese company on Thursday.
Under the terms of the agreements, the Chinese company awarded a 10 percent interest in the Umm Shaif and Nasr concession and a 10 percent interest in the Lower Zakum concession.
On Wednesday, Wang Yilin, Chairman of CNPC, and Sultan Ahmed Al Jaber, Minister of State in the United Arab Emirates and the Group CEO of Abu Dhabi National Oil Company (ADNOC) signed the agreements, which have a term of 40 years.
The concessions will be operated by ADNOC.
According to the international media outlets, both concessions value more than $1 billion.
'The signing of agreement is a significant result in promoting the Belt and Road Initiative and UAE's Looking-east Policy. In the future, the two companies will strengthen the strategic relationship and enhance mutually beneficial cooperation,' the statement read.
By Huseyin Erdogan