Eversheds Sutherland represented China National Petroleum Corporation (CNPC) on the transfer of certain rights in the Lower Zakum, and Umm Shaif and Nasr offshore concessions, to the China National Offshore Oil Corporation (CNOOC).
Abu Dhabi National Oil Company (ADNOC), the state-owned oil company of the United Arab Emirates (UAE), agreed to CNPC transferring a 4% interest in Lower Zakum, and Umm Shaif and Nasr concessions to CNOOC.
The transfer was also approved by the Abu Dhabi Supreme Petroleum Council (SPC), making it the first time a dedicated Chinese offshore oil and gas company has joined ADNOC concessions. The transfer of rights significantly strengthens growing bilateral ties between the United Arab Emirates (UAE) and China.
Eversheds Sutherland offices in Beijing, Hong Kong, London and Washington DC worked together on the transaction. The teams were led by Ingrid Zhu-Clark (head of China oil and gas), Stephen Mok (head of corporate, Asia, Hong Kong), Adam Ferguson (head of competition, Asia, Hong Kong), and Alex Doughty (partner, Hong Kong) with support from lead associate Qiao Kang in Beijing.
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