Energy developer Inpex Corp. said this week it has reached an agreement in principle with Abu Dhabi National Oil Co. (ADNOC) to extend the development of two oilfields off Abu Dhabi.
The development of the Satah and Umma Al Dalkh fields, which together produce about 35,000 barrels of oil per day, will be extended from March 8, 2018, to the end of 2042.
Inpex has a 40% participating interest in Satah and it hopes to increase its share in Umma Al Dalkh to 40% from 12%. Subsidiary Japan Oil Development Co. has been involved in the development and production of crude oil in the fields.
Inpex, expanding its business in the UAE, acquired an interest in an onshore oilfield in the country through a separate move in 2015.
