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  • Statement by Minister Yoichi Miyazawa, Minister of Economy, Trade and Industry on acquisition of participating interest in ADCO Onshore Concession, Abu Dhabi, United Arab Emirates by INPEX CORPORATION (INPEX).

Statement by Minister Yoichi Miyazawa, Minister of Economy, Trade and Industry
on acquisition of participating interest in ADCO Onshore Concession,
Abu Dhabi, United Arab Emirates by INPEX CORPORATION (INPEX).

April 27, 2015

  1. On April 27, INPEX signed a contract for the acquisition of a 5% participating interest in the ADCO Onshore Concession in Abu Dhabi, a 40-year agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE).
  2. The ADCO Onshore Concession in Abu Dhabi is one of the world’s largest deposits of oil, currently producing 1.6 million barrels per day, and it is estimated that it will produce 1.8 million barrels per day in the future. This is the first time that a Japanese company has participated in development and production at an oil field of such a large scale.
  3. This is Japan's first full-fledged acquisition of participating interest since 2009, leading to an approximate 15% increase in the quantity of crude oil under independent development by Japan. In addition, the crude oil from this oilfield greatly contributes to the stable supply of oil to Japan, given that the oil is now expected to be shipped by a route which avoids the Straits of Hormuz.
  4. The Government of Japan has enhanced efforts to cooperate with the Emirate of Abu Dhabi in a wide range of areas such as education and medical services in which the country is most interested, in addition to high-level diplomatic efforts including the visit to the country by Prime Minister Shinzo Abe in May 2013 and my visit in January 2015. This acquisition of a participating interest in onshore oil fields has come as a result of Japanese companies’ achievements and credibility and a high appreciation of the close relationship between Japan and the Emirate of Abu Dhabi. I believe that this is a significant result of resource diplomacy.
  5. We will continue to make solid efforts in resource diplomacy, which is essential to energy policy.

Divisions in Charge

Petroleum and Natural Gas Division, Natural Resources and Fuel Department, Agency for Natural Resources and Energy

Last updated:2015-05-08
Ministry of Economy, Trade and Industry
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