Japan’s Cosmo Energy Holdings Co. Ltd. said the offshore Hail oilfield in Abu Dhabi started commercial crude oil production on Nov. 7.
Cosmo has an undisclosed stake in the field through its majority-owned joint venture with other Japanese firms. The company declined to comment on production targets, but industry sources have said the field is likely to produce more than 20,000 barrels per day at its peak.
Cosmo, owned nearly 21% by Abu Dhabi’s state-owned investment vehicle, expects the Hail project to contribute around 20% of this business year’s projected 26 billion yen (US$229 million) profit from upstream business, Kenichi Taki, senior executive officer, said in August.
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