Occidental Petroleum Grows Middle East Presence with Abu Dhabi Deal

Occidental Petroleum agreed to invest up to $140 million to explore for oil and gas in Abu Dhabi Onshore Block 5 as part of a growing partnership between the Houston-based company and ADNOC.

Occidental Petroleum Grows Middle East Presence with Abu Dhabi Deal

ADNOC awarded the exploration rights for Abu Dhabi Onshore Block 5, covering 4,212 sq km southeast of Abu Dhabi city, to Occidental. (Source: Image of drilling rig courtesy of ADNOC; Occidental logo by Casimiro PT / Shutterstock.com)

Abu Dhabi National Oil Co. (ADNOC) said on Dec. 9 it awarded an onshore exploration concession to Occidental Petroleum Corp. in the second ever competitive block bid round held by the United Arab Emirates (UAE).

The Houston-based independent E&P company agreed to invest up to 514 million dirhams (US$140 million) including a participation fee, to explore for and appraise oil and gas opportunities. The concession, Abu Dhabi Onshore Block 5, covers an onshore area of 4,212 sq km southeast of Abu Dhabi city.

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology who also serves as ADNOC Group CEO, said the award strengthens ADNOC’s long-standing partnership with Occidental Petroleum.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access

Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.