PetroChina Loads First Crude from UAE's Belbazem Field

PetroChina International 0857.HK said it has loaded 100,000 barrels of crude oil from the United Arab Emirates' offshore block Belbazem where parent company CNPC has a joint venture with Abu Dhabi National Oil Company (ADNOC).

This is the first equity output PetroChina lifted from the second-phase development of the field that began production in March and the cargo, loaded on May 26 on vessel Captain X. Kyriakou, was headed for Singapore Refining Corp which is partly owned by PetroChina, the Chinese company said on its official WeChat account late on Tuesday.

The Belbazem offshore block, located 120 kms (75 miles) northwest of Abu Dhabi city, is operated by Al Yasat Petroleum, a joint venture between ADNOC and China National Petroleum Corporation (CNPC).

ADNOC said in March that output capacity at the Belbazem block was set to reach 45,000 barrels per day (bpd) of light crude and 27 million cubic feet per day of associated gas, without giving a timeline.

Apart from Belbazem, CNPC also produces oil under multi-year contracts at several other ADNOC-controlled oilfields, such as a 10% stake each in the Umm Shaif and Nasr concession and the Lower Zakum concession agreed in 2018.

(Reuters - Reporting by Chen Aizhu; Editing by Emelia Sithole-Matarise)