Energy developer Inpex Corp. said Monday it has reached an agreement in principle with Abu Dhabi National Oil Co. (ADNOC) to extend the development of two oil fields off Abu Dhabi.
The development of the Satah and Umma Al Dalkh fields, which together produce about 35,000 barrels of oil per day, will be extended from March 8, 2018, to the end of 2042.
Inpex has a 40 percent participating interest in Satah and it hopes to increase its share in Umma Al Dalkh to 40 percent from 12 percent. Subsidiary Japan Oil Development Co. has been involved in the development and production of crude oil in the fields.
Inpex, expanding its business in the UAE, acquired an interest in an onshore oil field in the country through a separate move in 2015.