DUBAI, United Arab Emirates – The main state oil company in the United Arab Emirates says Japan's Inpex has won a stake in the development of major oil fields in the energy-rich emirate of Abu Dhabi.
The Abu Dhabi National Oil Company said Monday's deal gives Inpex's JODCO Onshore Limited a 5-percent stake in the project to develop the Abu Dhabi Company for Onshore Petroleum Operations oil fields for 40 years. It did not provide financial details.
The deal will put Inpex in partnership with French oil giant Total, which won rights to 10 percent of the project earlier this year.
ADNOC hopes to raise production from the fields to 1.8 million barrels per day by 2017, up from 1.6 million barrels daily now.
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