China’s state-owned China National Offshore Oil Corporation (CNOOC) this week became the third Chinese firm to take stakes in Abu Dhabi’s upstream, acquiring a portion of fellow state-firm CNPC’s stake in two key offshore concessions in a deal announced on 27 July.

CNOOC has “indirectly acquired 4%... of the Lower Zakum as well as Umm Shaif & Nasr concessions” by taking 4% of CNPC’s former 10% stakes, Adnoc says (see pie charts). The assets are two of the three concessions created in 2018 out of the former Adma concession (MEES, 4 May 2018). Adnoc is targeting 450,000 b/d capacity at Lower Zakum and 460,000 b/d from Umm Shaif & Nasr. (CONTINUED - 636 WORDS)