Advertisement
UK markets closed

  • FTSE 100

    8,433.76
    +52.41 (+0.63%)
     

  • FTSE 250

    20,645.38
    +114.08 (+0.56%)
     

  • AIM

    789.87
    +6.17 (+0.79%)
     

  • GBP/EUR

    1.1622
    +0.0011 (+0.09%)
     

  • GBP/USD

    1.2525
    +0.0001 (+0.01%)
     

  • Bitcoin GBP

    48,530.61
    -1,645.61 (-3.28%)
     

  • CMC Crypto 200

    1,261.13
    -96.88 (-7.13%)
     

  • S&P 500

    5,222.68
    +8.60 (+0.16%)
     

  • DOW

    39,512.84
    +125.08 (+0.32%)
     

  • CRUDE OIL

    78.20
    -1.06 (-1.34%)
     

  • GOLD FUTURES

    2,366.90
    +26.60 (+1.14%)
     

  • NIKKEI 225

    38,229.11
    +155.13 (+0.41%)
     

  • HANG SENG

    18,963.68
    +425.87 (+2.30%)
     

  • DAX

    18,772.85
    +86.25 (+0.46%)
     

  • CAC 40

    8,219.14
    +31.49 (+0.38%)
     
MONEY:

Best savings accounts that offer above inflation rates

How to earn the most interest on your savings

UAE seals deal with China's CNPC for onshore oil project

The United Arab Emirates' main state oil company has signed a deal giving China National Petroleum Company an 8 percent stake in a major onshore oil project

Associated Press

DUBAI, United Arab Emirates (AP) -- The United Arab Emirates' main state oil company has signed a deal giving China National Petroleum Company an 8 percent stake in a major onshore oil project.

The Abu Dhabi National Oil Company says CNPC will pay an initial $1.77 billion for the concession operated by the Abu Dhabi Company for Onshore Petroleum Operations, also known as ADCO.

ADNOC has set aside 40 percent of the ADCO project for foreign partners. British energy company BP reached a deal for a 10 percent stake in December. Total of France has a similarly sized stake, while Japan's Inpex Corporation and GS Energy of South Korea hold smaller interests.

ADCO is aiming to boost daily production from about 1.6 million barrels currently to 1.8 million barrels this year.