DUBAI (AFX) - US oil giant Exxon Mobil has acquired a stake of nearly 25 pct in an oil field off the United Arab Emirates capital of Abu Dhabi.
Abu Dhabi's 'Supreme Petroleum Council (SPC) and Abu Dhabi National Oil Company (ADNOC) signed agreements with Exxon Mobil Corporation and subsidiaries covering participation in (the offshore) Upper Zakum oil field,' ADNOC said in a statement, although no financial details were released.
'Under the agreements, Exxon Mobil Abu Dhabi Offshore Petroleum Company Ltd gains ownership of 28 pct out of ADNOC's 88 pct equity stake in the Upper Zakum reservoirs (Zakum field),' the statement said.
Japan Oil Development Company (JODCO) will continue to hold the remaining 12 pct interest in the Zakum field, it added.
The partnership, which gives Exxon Mobil a 24.64 pct stake in the field, aims at increasing its production to 750,000 barrels per day (bpd).
The Zakum field, one of the world's largest, currently produces around 550,000 bpd.
Exxon Mobil was selected in April 2005 for the venture after submitting 'the best technical offer', said the statement, adding that the US and Japanese companies would retain their interests in the field until March 2026.
Abu Dhabi, the largest and wealthiest of the seven emirates making up the UAE, accounts for about 90 pct of the Gulf country's oil output of around 2.5 mln bpd.
The statement said Exxon Mobil had committed to 'supply, support and apply cutting-edge technology to maximize ultimate recovery from Upper Zakum reservoirs'.
In addition to establishing a technology centre in Abu Dhabi, the US firm will 'provide support for training and personnel development, including access to its world-class Upstream Training and Technology Centre in Houston', the statement said. newsdesk@afxnews.com afp/nes COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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