Abu Dhabi awards Spanish firm stake in offshore oil concession

Abu Dhabi

ABU Dhabi National Oil Co (Adnoc) said on Sunday it has awarded Spanish Cepsa firm a 20 per cent share in a concession of two offshore oil fields in a deal worth US$1.5 billion.

The 40-year deal aims to double production at the emirate's offshore fields of SARB and Umm Lulu to 215,000 barrels per day, state-owned Adnoc said in a statement. Its subsidiary, Adnoc Offshore, will retain a 60 per cent stake in the project while the remaining 20 per cent will be awarded to another company.