On April 3, the New Constant oil tanker with 1 million barrels of CNPC's equity oil set sail from Port Fujairah in UAE to China. This indicates that the onshore oilfield concession project of Abu Dhabi Company for Onshore Petroleum Operations (ADCO) has brought investment return since the contract was signed in February between CNPC and ADNOC with CNPC taking an 8% stake under a contract term of 40 years.

With annual production of about 80 million tons, the onshore oilfield concession of ADCO is a super-large oilfield development cooperation project. It is also another milestone achieved by CNPC since the company entered UAE's market by jointly developing offshore and onshore blocks with ADNOC in 2013.

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.