Abu Dhabi - Mubasher: Abu Dhabi National Oil Company (ADNOC) is expecting to make a final decision on whether to renew Japanese firms' oil concessions in Abu Dhabi oilfields in the coming period.
The decision is likely to be announced before the end of 2017 or early 2018, Reuters reported that a top executive told the Nikkei business daily.
The majority of Japanese stakes in Abu Dhabi oilfields are set to expire in March 2018, and high-ranking Japanese government officials have been frequently visiting the UAE to win extensions, according to Reuters.
The CEO of ADNOC, Sultan Al Jaber told the Nikkei that the company is making good progress in the talks on the stakes and any agreements would be new contracts with new terms and conditions rather than extension of existing contracts.
Al Jaber also reffered to the possibility of roping in new partners from other countries such as China and South Korea in addition to existing stakeholders such as oil majors British Petroleum and Total, adding that ADNOC would do everything possible to continue LNG sales to Japan.
