According to the Emirates News Agency statement, Japan Petroleum Development Company Limited, which is wholly owned by Inpex, will manage the stake on behalf of the parent company. The agreement reflects the established trade, economic and strategic partnership in the energy field between the UAE and Japan.
Under the agreement, Inpex will acquire a 100% stake in the exploration phase, and will invest over 646 million dirhams / $ 176 million /, including the participation fee, to explore and evaluate Oil and gas exploration opportunities in the No. 4 Wild Zone covering an area of 6116 square kilometers start from the area around Abu Dhabi city and extend to the border with the Emirate of Dubai.
After the exploration and evaluation of existing resources, Inpex will be given the opportunity to develop and produce any commercially viable discoveries, while ADNOC has the option to retain 60% of the concession in a phase Production.
The concession agreement was signed by His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of State for the Chief Executive Officer of Abu Dhabi National Oil Company ADNOC and its group of companies, and Takayukyuida, CEO and Chairman of the Board of Inpex .
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