Cosmo Oil Co said on Tuesday that one of its subsidiaries was close to finalising a 30-year extension on its stakes in three oil fields in Abu Dhabi and the granting of a new concession area in the emirate.   

Cosmo, one-fifth owned by the Abu Dhabi government, has been increasing its efforts to procure stable crude oil production amid Japan's goal to produce 40 percent of the country's oil needs from Japanese-owned fields by 2030.

The new 30-year contract, being negotiated with he Supreme Petroleum Council of Abu Dhabi, is set to take effect from Dec. 6, 2012, and the Cosmo subsidiary, Abu Dhabi Oil Co, is likely to be granted an additional concession area, located close to the existing fields, Cosmo said.   

Abu Dhabi Oil, in which Cosmo Oil holds a 63 percent stake, will likely be the sole holder of the new concession area, as it is with the three existing fields, Mubarraz, Umm Al Anbar and Neewat Al Ghalan, Cosmo said.   

Those three fields currently produce about 24,000 barrels of oil per day, a Cosmo spokesman said.   

Other shareholders in Abu Dhabi Oil are a JX Holdings unit (31.5 percent) and three utilities: Tokyo Electric Power Co, Chubu Electric Power Co and Kansai Electric Power Co (1.8 percent each). - Reuters