CHINA National Petroleum Corp. (CNPC) bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6 percent of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity.

    Abu Dhabi National Oil Co. awarded CNPC an 8 percent stake in the onshore venture in return for a US$1.8 billion signing bonus, Adnoc said Sunday in a statement.

    CNPC, parent of PetroChina Co., is the venture’s third Asian partner, joining Japanese and South Korean companies alongside BP Plc. and Total SA. BP signed on to the project in December and Total in January 2015.

    Asia will show the fastest growth in energy demand over the next two decades, according to the International Energy Agency. Abu Dhabi is among Persian Gulf oil producers including Saudi Arabia and Iraq that are tapping Asia for energy investments.

    While European and U.S. companies have pumped oil in the Middle East for more than a century, their Asian counterparts are relative newcomers.

    CNPC is joining the Abu Dhabi Co. for Onshore Petroleum Operations, or ADCO. BP and Total each hold 10 percent stakes in the venture, while Japan’s Inpex Corp. owns 5 percent and GS Energy Corp. of South Korea holds 3 percent.

    Abu Dhabi plans to retain a 60 percent stake in ADCO and is seeking an investor for the remaining 4 percent, Adnoc said in the statement.

    (SD-Agencies)