CNPC to Acquire 8% Stake in ADCO

On February 19, CNPC signed an agreement with Abu Dhabi National Oil Company (ADNOC), concerning awarded 8% stake in the onshore oilfield concession of Abu Dhabi Company for Onshore Petroleum Operations (ADCO), with a term of 40 years.
The onshore concession of ADCO is an open tendering project approved by the Abu Dhabi government. ADNOC has a 60% stake whereas the other 40% stake is set aside for foreign partners. Currently, CNPC has joined BP of the UK, Total of France, Inpex Corporation of Japan, and GS Energy of South Korea as participants in the onshore concession and shareholders of ADCO.