Inpex to lead Abu Dhabi field development

ADNOC has appointed Japan’s Inpex as asset leader for the Lower Zakum offshore concession, the Abu Dhabi NOC announced on Monday.

“As asset leader, [local Inpex subsidiary] JODCO will lead the development plans to achieve the concession objectives, including building up and sustaining production targets, achieving agreed recovery rates and cost optimisation targets,” the company statement said.

Inpex struck a deal to purchase a 10% stake in the concession for USD 600 million in February.

“Inpex will devote its human and technical resources to achieving production targets, deploying enhanced oil recovery technology most suitable for Lower Zakum, reducing development and production costs and supporting transfer of technical knowledge,” said Toshiaki Kitamura, Inpex’s president and CEO. “And, as the only IOC partner participating in both the Lower and Upper Zakum oilfields, we will continue to seek synergies between the two oilfields.”