The steady drip feed of contract awards for Adnoc’s offshore concessions continued on 26 February with the third award in three weeks. Japan’s Inpex signed up for a 10% stake in the 360,000 b/d Lower Zakum concession, paying a Dh2.2bn ($600mn) signing bonus. In doing so it joined a state-led Indian consortium which also has 10%.

But, with less than a week until the legacy-Adma concession expires after 8 March, Adnoc has yet to strike a deal to bring in any majors. (CONTINUED - 715 WORDS)