Abu Dhabi National Oil Co. awarded CNPC an 8% stake in the onshore venture in return for a $1.8 billion signing bonus, Adnoc said in a statement. Abu Dhabi is among Persian Gulf oil producers including Saudi Arabia and Iraq that are tapping Asia for energy investments. Export pipelineJapanese companies are partners in at least four other oil-production ventures in Abu Dhabi, the largest sheikhdom in the United Arab Emirates. CNPC’s engineering arm also helped build an export pipeline in Abu Dhabi. Abu Dhabi is seeking to boost production capacity to 3.5 million barrels a day by 2018.

Source: Mint February 20, 2017 13:41 UTC