Abu Dhabi National Oil Company, ADNOC, Abu Dhabi Offshore Petroleum Company, ExxonMobil, and INPEX Corporation, announced today an agreement to increase production capacity from the Upper Zakum oil field to 1 million barrels per day (bpd) by 2024, on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC.

The agreement was announced at a ceremony attended by Dr. Sultan Al Jaber, UAE Minister of State and Chief Executive Officer of ADNOC Group, Darren W. Woods, Chairman and Chief Executive Officer of US company Exxon Mobil, and Toshiaki Kitamura, President and Chief Executive Officer of Japan’s INPEX.

Under the terms of the agreement, ExxonMobil and INPEX have been granted a 10-year extension for the concession which was due to expire on 31st December, 2041, until 31st December, 2051.

Dr. Al Jaber said, "ExxonMobil and INPEX, alongside our other partners, have played an important role in the development of our oil and gas assets. This agreement is another milestone in our efforts to forge partnerships that bring technology, expertise and capital aimed at delivering greater economic value and levels of recovery from our resources.

"As we continue our transformation into a more commercially driven and performance led oil and gas company, we are focused on securing partnerships to allow us to unlock and maximise value and secure market access. Upstream, we are adapting to the evolving market environment by driving down production costs and increasing our crude oil production capacity. We are also focusing on the application of value-added and innovative technologies and are leveraging big data to drive efficiencies and optimise production."

Darren Woods said, "This agreement represents a new milestone for Abu Dhabi’s oil production and demonstrates ExxonMobil’s long-term commitment and partnership with the UAE. We look forward to continuing our successful efforts to increase production capacity from Upper Zakum. By leveraging the strengths of the Upper Zakum joint venture partners, we are able to maximise the value of available resources."

Kitamura said, "This outcome, in part, is a testament to the unwavering long-term partnership that INPEX has built and maintained with Abu Dhabi, as well as INPEX’s commitment to the development of the Upper Zakum oil field since 1978. I am confident this plan will contribute to the energy security of Japan and prove to be beneficial for all stakeholders for many years to come."