DUBAI: Abu Dhabi National Oil Co's (ADNOC) said on Monday it has signed a new 40-year agreement with INPEX awarding the Japanese oil company a 10-percent stake in its Lower Zakum concession.INPEX has contributed a participation fee of 2.2 billion dirhams ($600 million) for the Lower Zakum concession, ADNOC said in a statement. INPEX has also paid 920 million dirhams to extend its share in the Satah and Umm Al Dalkh concession.
INPEX's stakes in Abu Dhabi's Satah and Umm Al Dalkh concession have been extended for 25 years, ADNOC said. The Japanses oil company will maintain its 40 percent stake in Satah and increase its Umm Al Dalkh share to 40 percent from 12 percent.