BEIJING, June 15 (Xinhua) -- China's state-run national petroleum company, China National Petroleum Corporation (CNPC), has recently announced that its Umm Shaif and Nasr oilfield development project and Lower Zakum oilfield project in Abu Dhabi have pumped oil for the first time, signifying that the company's projects have entered the investment payoff period.
In March 2018, CNPC signed a 40-year deal for stakes in two oil and natural gas concessions in Abu Dhabi. Under the deal, the Chinese company was granted a 10 percent interest in the Umm Shaif and Nasr concession and a 10 percent interest in the Lower Zakum concession.
After the signing of the deal, all shareholders of the projects are allowed to pump oil for sales since June. (Edited by Hu Pingchao, hupingchao@xinhua.org)
A single purchase
