The Commencement of Hail Oil Field Production
8th November 2017
Cosmo Energy Exploration & Production Co., Ltd.
Abu Dhabi Oil Co., Ltd. (ADOC, Representative Director & CEO: Isao Kusakabe), a subsidiary of Cosmo Energy Exploration & Production Co., Ltd., (CEP, Representative Director & CEO: Isao Kusakabe) marks another historical milestone with the commencement of oil production from the new Hail Oil Field on 7th November.
The production from the Hail Oil Field comes in addition to ADOC's existing oil fields; Mubarraz Field, Umm Al-Anbar field, and Neewat Al-Ghalan field which have been producing oil since 1973, 1989 and 1995 respectively. The production from the Hail Oil Field is the first oil field development in the Middle East by a Japanese operator since 2011.
Hail Oil Field was granted as an additional oil field to its existing oil fields when ADOC renewed its concession agreement on 6th December 2012 for a period of 30 years. Soon after the renewal of the concession, ADOC launched the Hail Oil Field Development activities which included analysis processes such as 3D seismic survey, drilling appraisal wells, reclamation of a new artificial island, construction of surface facilities, and drilling production wells.
Hail Oil Field production volume is estimated to be equivalent to that of the existing oil fields and being adjacent to the existing oil fields, ADOC will utilize those facilities thus keeping the additional investment to a minimum and consequently, ADOC's unit operating cost is expected to decline along with the increase in production volume.
ADOC was established in 1968, and since then has been conducting stable operations through utilization of the best production technology that fully copes with the environment protection rules and regulations. We will continue to exert strenuous efforts to be a friendly, reliable and efficient partner of the Emirates of Abu Dhabi, United Arab Emirates.
| ADOC Head Office | Hamamatsucho BLDG., 1-1-1, Shibaura, Minato-ku, Tokyo |
|---|---|
| President | Mr. Isao Kusakabe |
| Date of Establishment | 17th January 1968 |
| Capital | 12,763,335,760 Yen |
| Shareholders | Cosmo Abu Dhabi Energy Exploration & Production Co., Ltd. 64.4% JX Nippon Oil & Gas Exploration Corporation 32.2% Kansai Electric Power Co., Inc. 1.7% Chubu Electric Power Co., Inc. 1.7% |
Cosmo Energy Group Oil E&P Division
(*)
MIC (Mubadala Investment Company) in which The Emirate of Abu Dhabi has a 100% stake, has been established as a holding company in association with the business combination of IPIC(International Petroleum Investment Company)and MDC(Mubadala Development Company).
End