UAE To Change Terms Of Japanese Oil Concessions

Adnoc will offer Japanese energy companies that hold concessions for fields in the Emirates new terms and conditions as part of a renegotiation of the concessions, the company’s CEO told Nikkei. Sultan Ahmed Al Jaber, who doubles as minister of state, added that the final decision will be made by the end of this year or early in 2018. UAE concessions account for 40 percent of Japans oil output from overseas operations, which makes them vital for the country’s crude oil supply. They are equally vital for Tokyo’s plan to source…