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March 22, 2018 - Contax Partners’ Energy Feed

PDO discovers new gas field | CNPC awarded 10% stake in Abu Dhabi Concession | Mubadala considers partially or completely selling CEPSA | Petrofac awarded USD 580mn EPC contract


PDO discovers new gas field

Petroleum Development Oman (PDO) has announced that it has discovered a large reservoir of gas in the Mabrouk gas field, located in the Garif formation in northern Oman. It is estimated that recoverable reserves are more than 4tn cubic feet and 112mn barrels of condensate. In total, 5 wells have recently been drilled in the field and all have encountered gas. While one of the wells is already producing, another will be hooked up soon. Moreover, work is progressing on two further appraisal wells, with plans for the expansion of production infrastructure.

CNPC awarded 10% stake in Abu Dhabi Concession

ADNOC has awarded China National Petroleum Company (CNPC) a 10% stake each in the Lower Zakum, and Umm Shaif & Nasr offshore concessions. PetroChina, CNPC's subsidiary, contributed a participation fee of USD 575mn for the Umm Shaif & Nasr concession and a fee of USD 600mn for the Lower Zakum concession. With this new award, ADNOC has now awarded the entire 40% stake that was up for offer in the two concessions; ADNOC has retained the remaining 60% share in both concessions.
The shareholders for the Umm Shaif and Nasr concession are: CNPC (10%), Eni (10%) and Total (20%).
The shareholders for the Lower Zakum concession are: CNPC (10%), ONGC Videsh-led consortium (10%), Inpex (10%), Eni (5%) and Total (5%).

Mubadala considers partially or completely selling CEPSA

Abu Dhabi's Mubadala Investment Company has announced that it is considering a partial or total sale of Spanish oil & gas company Cepsa and would use proceeds for expansion. Mubadala is working with Cepsa's management team to look at options which include a potential listing, strategic partnerships and the involvement of other investors.

Petrofac awarded USD 580mn EPC contract

Petrofac has announced that it has signed a letter of intent with a GCC National Oil Company for an EPC contract worth approximately USD 580mn. While details of this major project were not revealed, the company stated that additional information would be announced in due course.




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