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Economy

Japan snags 25-year extension on Abu Dhabi oil concessions

Trade minister reaches accord with Abu Dhabi National Oil

ABU DHABI, United Arab Emirates -- Tokyo and Abu Dhabi have agreed to extend Japanese oil concern Inpex's concessions on two small oil fields for another 25 years.

Hiroshige Seko, Japan's minister of economy, trade and industry, met Sunday with Sultan Ahmed al-Jaber, CEO of Abu Dhabi National Oil Co., or ADNOC, and reached a basic agreement on the extension. Inpex's concessions on the Umm al-Dalkh and Satah fields off the coast of Abu Dhabi were originally set to expire in March 2018.

Daily production at these two fields totals 35,000 barrels. Inpex's stake -- 40% against ADNOC's 60% -- amounts to a daily 14,000 barrels of oil.

The capital of the United Arab Emirates appears to have granted the 25-year extension in consideration of Japan's contributions to the emirate in health care and other areas. For Japan, Abu Dhabi is its second-largest supplier of crude oil after Saudi Arabia. 

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