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Inpex Corporation

04/30/2018 | Press release | Distributed by Public on 04/30/2018 04:35

INPEX Appointed Asset Leader for Lower Zakum Oil Field Offshore Abu Dhabi, UAE(PDF 105KB)

Public Relations Group, Corporate Communications Unit

Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6332 JAPAN

April 30, 2018

INPEX Appointed Asset Leader for Lower Zakum Oil Field

Offshore Abu Dhabi, UAE

TOKYO, JAPAN - INPEX CORPORATION (INPEX) announced today that it has been appointed as Asset Leader for the Lower Zakum Oil Field offshore Abu Dhabi in the United Arab Emirates (UAE) by the Abu Dhabi National Oil Company (ADNOC). INPEX, which recently signed an agreement with ADNOC, awarding it a 10 per cent interest in the Lower Zakum concession, participates in the concession through its subsidiary, JODCO Lower Zakum Limited.

This is the first instance that a company other than an "Oil Major" is appointed as Asset Leader for a giant offshore field in Abu Dhabi. This appointment was enabled by INPEX's technical contributions to oil development in the UAE.

As Asset Leader of the Lower Zakum Oil Field, JODCO Lower Zakum Limited will devote its human and technical resources to the operations at the Lower Zakum Oil Field, and will play an advisory role to ADNOC. The company will also work closely with ADNOC Offshore to achieve production targets, consider and deploy EOR technology most suitable for the Lower Zakum Oil Field, reduce development and production costs and transfer technical knowledge.

Furthermore, as the only IOC partner participating in both the Lower and Upper Zakum Oil Fields, INPEX, through its subsidiaries JODCO Lower Zakum Limited and JODCO, will continue to seek synergies between the two oil fields to reduce costs and maximize value.

INPEX views the UAE as one of its core business areas and will continue to strive to strengthen its oil development activities and contribution efforts in Abu Dhabi as well as help further deepen the cordial relations between Abu Dhabi and Japan, while working to increase its corporate value at the same time.

The impact of this matter on INPEX's consolidated financial results is minimal, although the economics of the project are expected to further improve as a result of INPEX's appointment as Asset Leader.

About INPEX

INPEX CORPORATION is Japan's largest exploration and production (E&P) company,and a mid-tier E&P player just behind the world's oil majors. INPEX is currently involved in approximately 70 projects across more than 20 countries, including the Ichthys LNG Project in Australia as Operator. Through sustainably growing its oil and gas development business, INPEX aims to become a top class international oil and gas E&P Company and continue providing a stable and efficient supply of energy to its customers. For more information, visit www.inpex.co.jp/english/index.html.

Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0233

REFERENCE

About the Lower Zakum Oil Field

Location

80km northwest offshore Abu Dhabi, UAE

Participating interest

ADNOC: 60%

JODCO Lower Zakum Limited (wholly-owned INPEX subsidiary): 10%

ONGC-led consortium: 10%

CNPC: 10%

TOTAL: 5%

ENI: 5%

Target production capacity

Approximately 450,000 barrels per day

Contract term

Until March 8, 2058

About the Upper Zakum Oil Field

Location

80km northwest offshore Abu Dhabi, UAE

Participating interest

ADNOC: 60%

ExxonMobil: 28%

JODCO (wholly-owned INPEX subsidiary): 12%

Target production capacity

Approximately 1 million barrels per day (2024)

Contract term

Until December 31, 2051