Abu Dhabi intensifies bid for its oil blocks
The foremost oil company in Dubai, Abu Dhabi National Oil Company (ADNOC), has announced the details of the second bid for its new five geographical oil exploration blocks.
This, according to ADNOC, is part of Abu Dhabi’s block licensing strategy with full support of the Supreme Petroleum Council (SPC) in the United Arab Emirates.
With an area of approximately 34,000 km2, the five new blocks open for bidding are three offshore while two are onshore blocks.
Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “The launch of Abu Dhabi’s second licensing bid round builds on the momentum of the first and very successful competitive bid round. It demonstrates how ADNOC’s expanded approach to partnerships is enabling us to utilize value-add partnerships and smart technologies to drive new commercial opportunities and efficiently accelerate the exploration and development of Abu Dhabi’s untapped resources, in line with the leadership’s directives.
“This second bid round provides the next major opportunity for both new and existing partners, with best-in-class exploration technology and expertise, to join us in further unlocking Abu Dhabi’s substantial hydrocarbon resources in the UAE’s trusted and reliable investment environment. It signals both Abu Dhabi’s and ADNOC’s ongoing drive to realise the potential of our resource base to remain a long-term and reliable energy provider to the world.”
Business and Lifestyle Editor at Wheel NG