Japan’s Inpex Corp. said Feb. 26 that it has been awarded a 10-percent interest in the Lower Zakum concession offshore Abu Dhabi in the United Arab Emirates by the Supreme Petroleum Council of the Emirate of Abu Dhabi (SPC).

The major oil exploration company said the agreement, which has a term of 40 years, comes into effect on March 9.

Inpex has also concluded a 25-year extension of the Satah and Umm Al Dalkh concession, also offshore Abu Dhabi, with the SPC and the Abu Dhabi National Oil Company (ADNOC).

Through the agreement, which runs from March 9, 2018, until March 8, 2043, it has been awarded an additional 28-percent participating interest in the Umm Al Dalkh oilfield, elevating its participating interest to 40 percent in both oil fields, according to Inpex.