Ipic-owned Cepsa and Cosmo to jointly develop oil and gas projects globally

The Spanish oil producer Cepsa and Japan’s Cosmo have agreed to work together to pursue concessions under a deal arranged by their shared owner, Abu Dhabi’s International Petroleum Investment Company.

Spain's Compañía Española de Petróleos (Cepsa) and Japan's Cosmo Oil have agreed to jointly pursue oil and gas concessions opportunities around the world under a deal arranged by their shared owner, Abu Dhabi's International Petroleum Investment Company (Ipic).
The companies signed an agreement today to develop "mutually beneficial" hydrocarbon opportunities and collaborate in other areas such as petrochemicals, power generation and renewables.
Cepsa is 100 per cent owned and Cosmo 21 per cent owned by Ipic.
"These days we live in a complex world ... We come from different parts of the world where the same problem can be seen in a completely different way," said Pedro Miro, the chief executive of Cepsa, while in Abu Dhabi to sign the agreement at Ipic's headquarterstoday. "We'll try to look together in oil and gas business in general, including refining, including petrochemicals and including, of course, the upstream. If opportunities appear in Abu Dhabi, fine."
The Ipic deal comes as other Abu Dhabi-owned energy companies seek to work together beyond the emirate's borders.
In November, Mubadala Petroleum and Abu Dhabi National Oil Company agreed to cooperate in overseas exploration and unconventional technologies.
The deal could present a boost for Cosmo, which has suffered losses in its downstream business in Japan where it owns three refineries. It pumps 20,000 barrels of oil per day in Qatar and the UAE, where it has a 30-year concession for the Mubarraz, Umm al Anbar, Neewat al Ghalan and the Hail field, which is now under exploration.
Cepsa, which plans to spend US$10 billion over the next five years to expand its business, has core oil and gas exploration operations in North Africa and South America, as well as South-east Asia.
Abu Dhabi took full ownership of Cepsa in 2011 when it bought a stake from Total.
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