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China’s changing appetite for Gulf crude leads to price pressures

Abu Dhabi National Oil Company (Adnoc) announced on 27 July that it had transferred part of the concession rights for its Lower Zakum and Umm Shaif and Nasr offshore fields from China National Petroleum Corporation (CNPC) to China National Offshore Oil Corporation (CNOOC), marking the first such deal with a dedicated Chinese offshore energy company. CNOOC will hold a 4% interest in the fields, with CNPC’s PetroChina subsidiary retaining 6% stakes in the concessions.

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