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Japan extends oil rights in Abu Dhabi for 25 years

TOKYO, Jan 16 (KUNA) -- Japan has agreed with the United Arab Emirates (UAE) to extend Japanese company's concessions on two oil fields offshore Abu Dhabi for another 25 years, Japan's trade ministry announced Monday.
The basic agreement was reached at a meeting between Japanese Economy, Trade and Industry Minister Hiroshige Seko and Abu Dhabi National Oil Co. (ADNOC) CEO Sultan Ahmed Al Jaber in the UAE capital on Sunday, the ministry said in a statement.
Under the deal, Japanese energy developer Inpex Corp. will extend its holdings in the Satah and Umm Al-Dalkh offshore oil fields, originally set to expire in March 2018, to the end of 2042.
The two fields produce about 35,000 barrels of oil per day in total. Inpex currently holds a 40 percent stake in the Satah field, the Tokyo-based firm said in a statement, adding that its share in the Umm Al-Dalkh oilfield will be also increasing from the current 12 percent to 40 percent. The UAE is the second-largest supplier of crude oil for Japan after Saudi Arabia. (end) mk.tg