INPEX secures Onshore Block 4 concession in Abu Dhabi
The Supreme Council for Financial and Economic Affairs of Abu Dhabi awarded the concession to INPEX's subsidiary Jodco Exploration (JEL).
JEL will hold a 40% interest in Onshore Block 4, with Abu Dhabi National Oil Company (ADNOC) retaining the remaining 60%.
The partners are set to jointly advance development and production activities in the region. This follows INPEX's participation in ADNOC's first competitive bid round in 2018, which led to the exclusive rights to explore Onshore Block 4 and the subsequent discovery of multiple oil, condensate and gas reservoirs after drilling operations in 2021.
The production concession is expected to significantly contribute to INPEX's business expansion in Abu Dhabi, where the company has been operating for more than five decades.
Apart from the Onshore Block 4 concession, the Abu Dhabi council has also awarded two other oil and gas production concessions.
A production concession agreement has been awarded to ADNOC, ENI Abu Dhabi and PTTEP MENA for Offshore Block 2 in Abu Dhabi.
The production concession is situated offshore to the west of the Ghasha field, focusing primarily on conventional gas resources.
ADNOC will hold a 60% interest in the concession area, while ENI and PTTEP will hold 28% and 12% participating interests, respectively.
The third and final production concession agreement has been awarded to ADNOC and Pakistan International Oil Limited (PIOL) for Offshore Block 5 in Abu Dhabi.
PIOL will own a 40% participating interest in the concession area, located offshore near the Zakum field, primarily producing conventional oil resources. ADNOC will hold the remaining 60% interest.
"INPEX secures Onshore Block 4 concession in Abu Dhabi" was originally created and published by Offshore Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
an hour ago
- Business Wire
Citcon and GMO Payment Gateway, Announce Strategic Partnership to Expand Cross-Border Payment Capabilities
SAN JOSE, Calif. & TOKYO--(BUSINESS WIRE)--Citcon, the leading global provider of integrated payment solutions, and GMO Payment Gateway, Inc. (GMO-PG), a leading Japanese payment service provider, today announced a strategic partnership and investment. This collaboration builds upon GMO-PG's prior investment in Citcon, enabling merchants globally to access a more comprehensive set of payment methods in Japan and beyond. Citcon expands seamless cross-border payments, empowering merchants to connect with customers across APAC and the USA. Share Through this partnership, Citcon will integrate GMO-PG's Japanese payment capabilities, including credit cards, digital wallets, and convenience store payments, into its platform. This enables Citcon's merchants in the U.S., Canada, U.K., and China to seamlessly accept popular Japanese payment methods, making it easier for them to serve Japanese consumers at home and abroad. Looking ahead, GMO-PG plans to leverage Citcon's global infrastructure to expand its reach and empower its Japanese merchants to accept international payments through Citcon's integrated suite of solutions. This strategic alignment represents a significant milestone in expanding global commerce by bridging Japan with global markets through advanced payment technology. 'At Citcon, we are committed to making global commerce easier and more inclusive,' said Casey Bullock, CEO of Citcon. 'This partnership with GMO-PG adds essential Japanese payment methods to our platform, enabling our merchants across North America, Europe, and Asia to better serve Japanese customers. It also allows GMO to bring Citcon's global capabilities to its domestic merchants, creating a powerful two-way bridge for commerce.' 'GMO-PG is proud to advance our strategic partnership with Citcon, building upon our previous investment,' said Ryu Muramatsu, Director, Executive Vice President at GMO Payment Gateway. 'Citcon's strong global presence and expertise in cross-border payments present a compelling opportunity to serve both Japanese merchants seeking to expand internationally and global merchants aiming to enter the Japanese market.' This collaboration represents a step forward in both companies' missions to make payments more seamless, borderless, and tailored to regional preferences. About GMO Payment Gateway, Inc. GMO Payment Gateway, Inc. provides payment-related services that support the customer's online and cashless migration and digital transformation (DX). Annual transaction value exceeds 20 trillion yen and our online comprehensive payment services have been adopted by over 150,000 merchants such as EC operators and public institutions of NHK and National Tax Agency, etc. As the leading company in the payment industry, we contribute to the advancement and realization of a sustainable society by driving social innovations using payment and financial technology through our services, such as online comprehensive payment service, payment services in the offline market, Buy Now Pay Later (BNPL), BaaS Support services to financial institutions and enterprises and strategic investment and lending to overseas leading-edge FinTech companies. (As of end-March 2025, consolidated figures) About Citcon Founded in 2015, Citcon is a leading global payment provider enabling merchants to accept payments from more than 100 mobile wallets, credit cards, and alternative payment methods through a single integration. Citcon's platform is used by thousands of brands, including leading luxury retailers, travel companies, and e-commerce businesses, to power cross-border and in-store payments. Citcon is headquartered in Silicon Valley with offices around the world.
Business Wire
2 hours ago
- Business Wire
Palantir and SOMPO Expand Partnership in Multi-Year Agreement
DENVER--(BUSINESS WIRE)--Palantir Technologies Inc. (NASDAQ: PLTR), a leading provider of enterprise operating systems, today announced a multi-year expansion of their partnership with SOMPO Holdings, Inc. via its Japanese joint venture Palantir Technologies Japan KK. SOMPO utilizes Palantir's Foundry across several of their subsidiaries with thousands of daily users. Since 2020, SOMPO has been using Foundry across care facilities in Japan to support the care of senior citizens, report care to the government, and raise the urgent needs of patients. More recently, SOMPO Japan is using Foundry as it revamps its claims process end to end. Foundry is deeply embedded at every stage across key decisions - from fraud detection and claim triage to ongoing monitoring. SOMPO is leveraging Foundry to transform its claims payment process, advancing initiatives such as optimizing claim allocation. For underwriters, AI agents are automatically evaluating risk and making recommendations during the underwriting process leading to an expected annual improvement in financial results of $10 million. 'Our partnership with Palantir has brought the best in class artificial intelligence software to our subsidiaries across Japan,' said Mikio Okumura, Group Chief Executive Officer, SOMPO Holdings. 'Palantir Foundry continues to grow in importance across all sectors of our business. This software continues to increase our efficiency and profitability and will play a major role in the future of our business.' 'Over 8,000 people at SOMPO actively use Palantir in Japan while AI agents are used to automatically evaluate risk and make recommendations resulting in enhanced and automated underwriting decisions,' said Kevin Kawasaki, Global Head of Business Development at Palantir Technologies. 'We are honored to be working with SOMPO and look forward to our long-term partnership.' This is the second expansion of the agreement between Palantir and SOMPO, following a $50 million expansion in 2023. About Palantir Foundational software of tomorrow. Delivered today. Additional information is available at Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of Palantir's software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond Palantir's control. These risks and uncertainties include the ability to meet the unique needs of customers; the failure of Palantir's platforms to satisfy customers or perform as desired; the frequency or severity of any software and implementation errors; Palantir's platforms' reliability; and customers' ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings Palantir makes with the Securities and Exchange Commission from time to time. Except as required by law, Palantir does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Washington Post
2 hours ago
- Washington Post
4 D.C.-area restaurant openings we're excited about this August
Ready to try something new this month? Check out a sprawling new neighborhood restaurant nestled in the outer NoVa 'burbs, a buzzy Japanese 'listening bar' making itself at home in Arlington or a pair of well-established out-of-towners — including a critically acclaimed Indian joint that's killing it down South and an ambitious fast-casual chain from Nigeria — looking to make their mark in the District.
