Abu Dhabi Oil Company (ADOC) has signed a loan agreement with the Bank of Japan worth US$378 million to develop the UAE’s Hail Oilfield, UAE daily (The National) reported Tuesday. The concession for this oilfield was acquired by ADOC from the Supreme Petroleum Council (SPC) of Abu Dhabi in 2011. 

    ADOC owns 100% of the concession rights of Mubarraz, Umm Al-Anbar, and Neewat Al-Ghalan oilfields located in the offing of Abu Dhabi. Since its establishment in 1968, ADOC has conducted the oilfield development and production as the operator and shipped all of the produced crude oil to Japan.

    ADOC also holds 100% of the concession of the Hail oilfield located adjacent to the existing three oilfields and plans to carry out its development and production. This loan thereby contributes to the stable supply of crude oil to Japan and is in line with the Japanese government’s energy resource policy.

    The UAE enjoys good relations with Japan and now supplies it with around 840,000 barrels per day, approximately 24%t of the country’s total oil imports. A key strategic partnership is developing between the two nations and last year, trade between the UAE and Japan amounted to US$14 billion.