Cosmo wins Abu Dhabi extension

Cosmo Oil Company, Japan’s fourth-largest refiner, will be granted a 20-year extension of its stake in an offshore Abu Dhabi oilfield that is set to expire in 2012.

The move comes among increased efforts by Japanese companies to tie down stable crude production amid an ambitious aim by the government to produce 40% of the country’s oil needs from Japanese-owned fields by 2030. A Cosmo subsidiary, Abu Dhabi Oil Company, which has been operating the United Arab Emirates (UAE) oilfield under a 45-year contract, may also be granted additional exploration rights when the agreement is renewed, the official said. Abu Dhabi Oil, which currently produces about 18,000 barrels per day, has the capacity to produce about 25,000 bpd. The Abu Dhabi government’s investment arm, International Petroleum Investment Company (IPIC), owns one-fifth of Cosmo. The UAE is Cosmo’s biggest crude supplier and the second-biggest supplier to Japan after Saudi Arabia.

Read More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: