Both the oil fields are located offshore Abu Dhabi in the United Arab Emirates.
The Japanese exploration and production company through its wholly-owned subsidiary Japan Oil Development (JODCO) is involved in crude oil development and production in Abu Dhabi.
INPEX and ADNOC will look into new detailed terms which will form the basis for the extension of the joint development that was agreed upon in principle.
Apart from that, INPEX will be given an additional 28% participating stake in Umm Al Dalkh oil field which takes it overall interest there to 40%.
Operated by Zakum Development Company (ZADCO), the Umm Al Dalkh and Satah oil fields produce nearly 15,000 barrels per day and 20,000 barrels per day respectively.
Originally, the joint development of the two oil fields is slated to end on 8 March 2018 as per the existing agreements.
Both the oil fields have shown abundant reserves and have been producing oil stably for several years, stated INPEX. It added that the stable production is likely to go on for the long run as well.
INPEX also stated that it would continue to pursue consolidation of its oil development operations in Abu Dhabi where it has been involved for more than four decades.
Apart from its presence in the UAE, INPEX is engaged in various other projects across 19 other countries, including the Ichthys LNG Project in Australia where it is an operator.
