Abu Dhabi National Oil Co. (ADNOC) awarded Japan’s Inpex Corp. an onshore exploration concession in Abu Dhabi's competitive block bid round, ADNOC said in a statement on March 17.
Inpex will hold a 100% stake in the exploration phase, while ADNOC has the option to hold a 60% stake in the production phase of the concession, the statement said.
The 35-year concession is for Onshore Block 4, and Inpex will invest up to 646 million UAE dirhams (US$176 million) in the block, ADNOC said.
A wholly-owned INPEX subsidiary, JODCO Exploration Limited, will hold and manage the interest in the concession on behalf of INPEX.
The block covers an onshore area of 6,116 square kilometers, ADNOC said, and it holds two existing undeveloped oil and gas fields, Ramhan and Hudairat.
The award is the latest of blocks offered in April 2018 in Abu Dhabi's first ever competitive exploration and licensing round.
In January, ADNOC awarded the Offshore 1 and Offshore 2 exploration blocks to a consortium led by Italian oil major Eni and Thailand's PTTEP.
In February, it awarded Occidental Petroleum onshore Block 3.
Recommended Reading
Oil Steadies as Rate Hikes Loom, Russian Flows Stay Strong
2023-01-30 - Oil steadied on Jan. 30 as looming interest rate hikes by major central banks and signs of strong Russian exports balanced rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand.
Britain Says Drone Circles Vessel in Gulf of Oman after Strike on Tanker
2022-11-18 - Attacks on tankers in Gulf waters in recent years have come at times of heightened regional tensions.
Yemen’s Houthis Attack Al-Dhabba Oil Terminal, Force Ship to Leave
2022-11-22 - Panamanian-flagged vessel Pratika had entered the terminal to load a shipment of crude but left after the attack, workers said.
OPEC Oil Output Rises Despite Production Target Cuts
2023-01-04 - OPEC December output up by 120,000 bbl/d compared to November due to recovering Nigerian output.
Qatar Seals 27-Year LNG Deal with China as Competition Heats Up
2022-11-21 - The 27-year to supply China’s Sinopec with LNG is the LNG sector’s largest single sales and purchase agreement on record, according to QatarEnergy chief Saad al-Kaabi.