On February 19, a stock purchase agreement was signed between CNPC and ADNOC to award CNPC an 8% stake in the onshore oilfield concession of Abu Dhabi Company for Onshore Petroleum Operations (ADCO), with a term of 40 years.

The onshore concession of ADCO is an open tendering project approved by the Abu Dhabi government. ADNOC has a 60% stake whereas the other 40% stake is set aside for foreign partners. Currently, CNPC has joined BP of the UK, Total of France, Inpex Corporation of Japan, and GS Energy of South Korea as participants in the onshore concession and shareholders of ADCO.

About CNPC

CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.​

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.