Japanese firms close to Adma-Opco deal

Japanese companies are in the final stages of renewal talks on the Adma-Opco concession, a Japanese Ministry of Economy, Trade and Industry official told journalists Monday.

The official did not name the companies, but said two or three firms were involved.

“Negotiations are in a very last stage for offshore concessions. Abu Dhabi side is seriously in consideration of offers from Japanese side. Sultan Al Jaber showed us positive signs on our long-term cooperation in those areas,” Masato Sasaki, the director of oil and natural gas division in the ministry, told reporters.

In August 2017, ADNOC announced it would divide the Adma-Opco concession into two or more parts upon expiration in March 2018.

The NOC is in advanced talks with more than a dozen potential partners and will retain a 60% stake in the new concessions, which will include a mix of the Lower Zakum, Umm Shaif, Nasr, Umm Lulu and Satah Al Razboot fields. The current shareholders are ADNOC (60%), BP (14.67%), Total (13.33%) and Jodco (12%).