Japan-based oil and gas exploration and production company Inpex has received approval from the government of Abu Dhabi for a 15-year extension of its concession.

The company received concession for its offshore Upper Zakum oil field located in the United Arab Emirates (UAE).

The concession will be extended to the end of 2041, under the new terms.

According to the company, the concession extension coincides with a visit by Japanese industry minister Toshimitsu Motegi to the UAE, which is said to be Japan’s second-largest oil supplier after Saudi Arabia.

The UAE provides about 20% of all of Japan’s oil demand.

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By GlobalData

Abu Dhabi National Oil owns 60% of the rights to the Upper Zakum field, while ExxonMobil owns 12% and another 12% is owned by the company.

"The concession will be extended to the end of 2041."

The Upper Zakum oil field, located about 50 miles offshore northwest of Abu Dhabi city, has an area of 444 square miles.

Together, ADNOC and JODCO commenced the development work in the field in 1978 with the production started in 1982.

ADNOC transferred a part of its interest to EM in March 2006 and the production capacity has continually been increased since then at the field, which has now become one of the core oil fields in Abu Dhabi.

The development work on the field is currently carried out using the artificial islands, while production capacity is targeted at 750,000 barrels per day.

Inpex, which is currently involved in more than 70 projects across 28 countries, has been part of the Australian business community since 1986.