CNPC In Abu Dhabi Upstream Deal

Abu Dhabi hopes to produce from non-core fields as part of a wider effort to boost overall production to 3.5mn b/d. It has added China’s CNPC to the list of foreign firms charged with the task.

Chinese state firm CNPC has been given a stake in Abu Dhabi’s upstream sector with a concession that has been in the works for years.

The al-Yasat Company for Petroleum Operations, owned 60-40 by ADNOC and CNPC respectively, was established this week in a decree signed by UAE President, Shaikh Khalifa bin Zayid Al Nahyan, who is still recovering from a stroke suffered in January. (CONTINUED - 785 WORDS)