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.
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.
Dana Gas will begin drilling this year in an area it said Feb. 12 could become Egypt’s next giant Mediterranean gas field, after seismic data pointed to reserves as large as 20 trillion cubic feet (Tcf).
U.S. oilfield services giant Schlumberger said last month it would withdraw its application to buy a stake in Russia's Eurasia Drilling Co. if it didn't get regulatory approvals soon.