Newsletter 
  INSCRIPTION Inscription | ESPACE ANNONCEURS Publicité | CONTACT Contact |PLAN DU SITE Plan


Europétrole, le portail de l'industrie du pétrole
 
 accueil | actualité française | actualité internationale | recherche | interviews | focus | actualité par entreprise | actualité pétrole/gaz de schiste 
Partager :

  • ADNOC Signs New Offshore Concession Agreement with Cepsa
    édité le 23/02/2018 - Plus de news de "ADNOC" - Voir la fiche entreprise de "ADNOC"


ADNOC Signs New Offshore Concession Agreement with Cepsa
On behalf of the Abu Dhabi Government, the Abu Dhabi National Oil Company (ADNOC) signed an agreement with Cepsa, a Spanish integrated oil and gas company, awarding it a 20% stake in Abu Dhabi’s offshore Sateh Al Razboot (SARB) and Umm Lulu concession.

The choice of Cepsa, which is wholly-owned by Abu Dhabi’s Mubadala Investment Company and operates across the entire oil and gas value chain, underpins ADNOC’s strategy to maximize returns from its resources, expand its Downstream business, and retain value for the UAE.

The concession area is made up of two main fields under development, Umm Lulu, which is part of the former ADMA offshore concession, and SARB, as well as two smaller fields, Bin Nasher and Al Bateel. The ADMA concession has been split into three new concessions to maximise commercial value, broaden ADNOC’s partner base, expand technical expertise, and enable greater market access.

Cepsa contributed a participation fee of AED 5.5 billion ($1.5 billion) to enter the concession, which also takes into account previous ADNOC investments in the concession area. ADNOC retains a majority 60% stake in the concession that will be operated by ADNOC Offshore, a subsidiary of ADNOC. Cepsa will be the technical lead for the SARB field.

The agreement, which has a term of 40 years and an effective date of March 9, 2018, was signed by His Excellency Dr Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and member of Abu Dhabi’s Supreme Petroleum Council and Pedro Miró, Vice Chairman and CEO of Cepsa.

H.E. Dr Al Jaber said: “This long-term agreement is a milestone in the development of Abu Dhabi’s integrated oil and gas sector and in the delivery of ADNOC’s 2030 smart growth strategy. This partnership ensures we continue to maximise value from our hydrocarbon resources, in line with the leadership’s directives, by capturing that value and financial return here in the UAE.

“The agreement also reflects ADNOC’s new partnership approach, as we expand and diversify our partner base across ADNOC’s integrated value chain. Reflecting our strategic approach, we are also working with Cepsa as we explore expansion opportunities in our downstream business in the UAE and overseas that will deliver competitive returns and long term growth opportunities for both parties, and for the UAE.”

Cepsa, which has been operating in the energy sector since 1929, has businesses in over 20 countries across five continents. Its operations span exploration, production, refining, distribution and marketing, chemicals, gas and power, trading, bunkering and renewable energy sources. It is the world’s largest producer of Linear Alkyl Benzene (LAB) and also the leading producer of cumene and the second in phenol and acetone, thanks to its seven chemical plants, in Europe, Asia and the Americas. In 2016 it produced 35,4 million barrels of oil, distilled 158.7 million barrels of crude oil and sold 28.3 million tons of petroleum products.

Pedro Miro said: “This concession agreement marks an important moment for Cepsa and our close relationship with ADNOC, with whom we are working with on a number of projects in the upstream, downstream and petrochemical sectors. It will add substantial reserves, in a concession with relatively low production cost, to our portfolio, and will enable us to make considerable strides towards achieving our objectives, as set out in our 2030 strategic plan”.

In November 2017, ADNOC and Cepsa signed a framework agreement to evaluate a new world-scale Linear Alkyl Benzene complex in Ruwais, Abu Dhabi. LAB is the most common raw material in the manufacture of biodegradable household and industrial detergents. It is also used in house cleaners, fabric softeners, and soap bars.

The companies plan to progress the basic engineering of the proposed LAB complex in 2018. It is envisaged the facility will be integrated with the Ruwais refinery complex, and will incorporate DETAL-PLUSTM technology.

The concession award is the second to be announced for the new offshore concession areas, created from the former ADMA offshore concession. On February 10, ADNOC announced the award of a 10% interest in Abu Dhabi’s offshore Lower Zakum concession to an Indian consortium, led by ONGC Videsh.

In support of its expanded 2030 strategy, ADNOC plans to grow its crude refining capacity by 60 per cent and more than triple its petrochemical production, to 14.4 mtpa by 2025 through a staged expansion plan aimed at initially optimizing its existing assets to grow and diversify its products portfolio, as it delivers its strategic imperatives of a more valuable Upstream, more profitable Downstream and an economic and sustainable supply of gas.

ADNOC is finalizing opportunities, with potential partners, for the remaining stakes in the Umm Lulu and SARB, the Lower Zakum and the Umm Shaif and Nasr concession.

This agreement strengthens Cepsa’s energy model and long-term strategy, and is in line with the Company’s forecasts as outlined in its Cepsa Energy Outlook 2030 report for world demand for oil growth in the coming years.

The operation increases Cepsa's presence in the UAE, a strategic country for the company where it has operated in both Exploration & Production and Bunker activities since 2013.

About the Abu Dhabi National Oil Company (ADNOC)

ADNOC is one of the world’s leading oil and gas companies and is fully owned by the government of the Emirate of Abu Dhabi. The company was founded in 1971 and is active in all areas of the oil and gas industry.
It has 17 specialized subsidiaries and joint ventures operating in both upstream and downstream sectors. The ADNOC Group is active in the United Arab Emirates and across the whole world and produces more than 2.7 million boe a day. In the past few years, significant achievements were made in the expansion of the development of gas fields to meet the increased demand from industry gas users; and gas injection requirements in order to enhance the oil and condensate recovery from the producing fields.
While carrying out all its business activities, ADNOC is committed to sustainable development, ensuring a harmonious balance between people’s needs and Earth’s resources, adhering to the best international practices and supporting all programs and initiatives of environment protection while its track record in HSE sets the standard not only at the regional Gulf level but at the international level as well.

About Cepsa

Cepsa is an energy group wholly owned by Mubadala Investment Company. It employs close to 10,000 professionals and operates at every stage of the hydrocarbon value chain. It is engaged in petroleum and natural gas exploration and production activities, refining, the transportation and sale of oil and natural gas derivatives, biofuels, co-generation and the sale of electricity.

The Company has developed a world-class petrochemical division that is tightly integrated with its oil refining segment, where feedstock is manufactured and sold for the production of high-added-value components, chiefly used in making next-generation plastics and biodegradable detergents. It has a significant presence in Spain and, thanks to the progressive internationalization of its activities, it is now also active on several continents, selling its products throughout the world.


Origine : Communiqué ADNOC

Voir la fiche entreprise de "ADNOC"



Les dernières news de "ADNOC"



Toutes les news de "ADNOC"
 
 
 
Emploi-Pétrole
 
Rechercher une news



française internationale








 
Les dernières news internationales


>> Toute l'actualité internationale     >> RSS
 



Europétrole © 2003 - 2024