Cosmo Oil and its Spanish upstream business partner Cepsa are in talks with the Abu Dhabi National Oil Co (ADNOC), aiming to obtain a new oilfield stake, according to Reuters.
Cosmo Oil’s President Keizo Morikawa also said that Hail oilfield, in which Cosmo’s joint venture with Cepsa has a stake, will likely start production from second-half 2016, although he did not say which oilfield stake in the country it was aiming to obtain.
The two companies have been working together on crude and natural gas development due to their close relations with Abu Dhabi, the news agency said.
Abu Dhabi’s state-owned investment vehicle International Petroleum Investment Co (IPIC) owns Cepsa and is the biggest shareholder in Cosmo, with a stake of almost 21%.
In 2011, Cosmo was granted a 30-year extension on its stakes in oilfields in the United Arab Emirates, as well as a contract for a new concession for the Hail oilfield for the same amount of time.
Â
