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CNPC ships first crude from Abu Dhabi Al Yasat venture

16 May 2018 10:45 (+01:00 GMT)
CNPC ships first crude from Abu Dhabi Al Yasat venture

Beijing, 16 May (Argus) — Chinese state-owned oil firm CNPC has shipped its first crude from the Bu Haseer field operated by its Al Yasat joint venture with Abu Dhabi's state-owned Adnoc.

The Island Splendor left Abu Dhabi's Das port on 11 May carrying 50,000 bl of crude from the offshore field co-loaded with crude bought by CNPC's trading arm ChinaOil under long-term contracts, the Chinese firm said.

Vessel tracking data show the Island Splendor, a very large crude carrier, listing Japan's Kiire oil terminal as its destination with an arrival date of 2 June. It loaded around 1mn bl of Saudi Arabian Arab Extra Light crude and the same amount of Abu Dhabi's Das grade, data from tracking firm Kpler show.

Bu Haseer started production on 21 March, making it the first of Al Yasat's fields to come on line. The joint venture also operates the offshore Belbazem, Umm Al Dholou, Umm Al Salsal and Yaser fields. Adnoc and CNPC established the 60:40 venture in May 2013 to operate the five offshore fields and a 7,800 km² onshore area.

The Bu Haseer field is producing 5,300 b/d of crude, up from initial output of 2,000 b/d. CNPC expects output to increase to over 8,000 b/d in June, while Adnoc has forecast that production will reach 20,000 b/d by 2020.

CNPC and Adnoc have strengthened co-operation in the upstream and downstream segments. Adnoc in late March awarded the Chinese firm 10pc stakes in the Lower Zakum, Umm Shaif and Nasr concessions. CNPC also has an 8pc stake in Adnoc's onshore Adco oil concession.

China imported 183,000 b/d of crude from UAE in January-March, accounting for 2pc of the country's total imports.