The award by Abu Dhabi of a 5% stake in its onshore concession to Japan’s Inpex, by no means an industry giant when compared to the multinationals vying for a slice of the action, indicates a distinct political bias by the UAE in favor of its loyal crude oil customers in Asia.
For the Japanese, the reported $1.1bn cost of entry is a small price to pay for long-term secure oil supplies, while solidifying its position as a significant player in Abu Dhabi’s upstream oil sector. (CONTINUED - 852 WORDS)
