ADNOC and CNPC has started mining offshore production near Abu Dhabi

Abu Dhabi National Oil Company (ADNOC) together with China National Petroleum Corporation (CNPC) announced the start of oil and gas production on the Belbazem block located offshore in the UAE, 120 km from Abu Dhabi.
The project is managed by Al Yasat Petroleum, a joint venture between ADNOC and CNPC. Belbazem unit is expected to produce 45 thousand barrels of oil and 764.5 thousand cubic meters of gas daily. This will significantly strengthen the energy potential of the region.
An agreement to develop the Belbazem block was concluded between ADNOC and CNPC in February 2017 for a period of 40 years. According to the terms of the agreement, CNPC owns 8% of the shares of Belbazem block, which underlines the importance of the strategic partnership between the two companies and their desire for long-term cooperation in the energy sector.