CNPC takes stake in UAE oil concessions

China National Petroleum Corp, the nation's largest oil producer, has signed two deals to take 10 percent stakes in two of Abu Dhabi National Oil Co's offshore concessions under a 40-year agreement.

CNPC, through its majority-owned listed subsidiary PetroChina, paid 2.1 billion dirhams ($575 million) to enter the Umm Shaif and Nasr concession, and 2.2 billion dirhams to enter the Lower Zakum concession, according to the company.

Under the agreements, PetroChina has been granted a 10 percent stake in the Umm Shaif and Nasr concession, and a 10 percent stake in the Lower Zakum concession.