The Abu Dhabi National Oil Company (ADNOC) announced that a 4% stake in its onshore concession previously held by CEFC China Energy Company (CEFC China) has been acquired by North Petroleum International Company, a subsidiary of China ZhenHua Oil Company. The ownership change is in line with the UAE’s directives to grant access to Abu Dhabi’s oil and gas concessions to partners who offer technology, operational experience, capital, or market access. China ZhenHua Oil joins BP (10%), Total (10%), China National Petroleum Corporation (8%), Inpex Corporation (5%), and GS Energy (3%) as participants in the onshore concession and shareholders of ADNOC Onshore. ADNOC retains a majority 60% share in the ADNOC Onshore-operated concession.
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