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.

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