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News // Oil and gas worldwide

1st shipment of CNPC's equity oil sets sail from UAE to China

07 April 2017 , 14:15Neftegaz.RU723

The New Constant oil tanker with 1 million barrels of CNPC's equity oil set sail from Port Fujairah in UAE to China, reported CNPC on April 7, 2017.

 

This indicates that the onshore oilfield concession project of Abu Dhabi Company for Onshore Petroleum Operations (ADCO) has brought investment return since the contract was signed in February between CNPC and ADNOC with CNPC taking an 8% stake under a contract term of 40 years.

 

With annual production of about 80 million tons, the onshore oilfield concession of ADCO is a super-large oilfield development cooperation project.

It is also another milestone achieved by CNPC since the company entered UAE's market by jointly developing offshore and onshore blocks with ADNOC in 2013.

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