Abu Dhabi National Oil Co. (ADNOC) said on Feb. 2 it awarded the U.S.-based Occidental Petroleum an onshore block, known as Onshore Block 3.
Occidental will have a 35-year concession and invest $244 million during the exploration phase of the block, which covers an area of 5,782 sq km (2,232 sq miles) in al-Dhafrah region in the emirate of Abu Dhabi.
The so-called Intracampos blocks contain some 854 million barrels of oil and will require more than $1 billion in investment, the government says.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
Israel is tendering 19 new offshore blocks to oil and gas companies