TOKYO--The government of Abu Dhabi has granted Inpex Corp.
(1605.TO) a 15-year extension of its concession for the offshore
Upper Zakum oil field in the United Arab Emirates, the company said
Tuesday.
The extension of the concession coincides with a visit by
Japanese industry minister Toshimitsu Motegi to the U.A.E., Japan's
second-largest oil supplier after Saudi Arabia, providing about 20%
of all of Japan's oil demand.
Under the new terms, the concession will be extended to the end
of 2041, Inpex said.
The rights to the Upper Zakum field are owned 60% by Abu Dhabi
National Oil Co., 12% by Exxon Mobil Crop. (XOM) and 12% by
Inpex.
The oil field is one of the world's largest, producing about
650,000 barrels a day of crude.
Write to Mari Iwata at mari.iwata@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires