TOKYO (Dow Jones)--Abu Dhabi has indicated that it will renew and expand contracts held by Japanese firms on oil fields in the emirate beyond their expiration beginning in 2012, The Nikkei said in its Monday morning edition.
In Sunday's meeting with Japan's Minister of Economy, Trade and Industry Akira Amari on the outlook for oil stakes held by Japanese companies, Yousef Omair bin Yousef, chief executive of state-owned Abu Dhabi National Oil Co., said it expects "Japanese companies to participate more actively" in oil projects, said the report.
Amari also said Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan had made similar comments at a meeting held Saturday, according to The Nikkei.
"This is the first time (since I became METI minister in September 2006) that I have heard such optimistic comments on the outlook for oil field stakes from people in such high positions like them," Amari was quoted as saying.
Amari was on a three-day trip to the United Arab Emirates from late Friday.
Abu Dhabi is the largest emirate in the U.A.E., and the country is Japan's second-largest oil supplier after Saudi Arabia, exporting about 1 million barrels a day of crude oil to Japan, according to METI.
Of the 1 million barrels a day, about 35% is imported under stakes held by Japanese companies, The Nikkei said