ADNOC announces new land area for oil exploration and production

The data available from the three-dimensional seismic survey includes a large part of the new region, which is promising potential is also close to “Shah” and “nerve” and “plain” and “milking”, this is the first land area determined by the competitive bidding offered by ” ADNOC ” in April 2018, within the esters [1969001] The move follows the recent award of two offshore zones in the emirate and reflects significant progress in Abu Dhabi’s efforts to accelerate exploration and development of unused resources, thereby increasing its rich reserves and creating new business opportunities. In the agreement, “Occidental Petroleum” will get a 100 percent stake in the exploration phase and invest 893 million dirhams, including the entry fee in Oil and Gas Exploration in “3”.

Following the successful exploration and determination of Mau’s commercial viability ” Occidental Petroleum ” will have the opportunity to develop and produce some discoveries, while ADNOC is able to maintain a 60 percent stake at the production concession stage .

The concession agreement was signed by Dr. Sultan Ahmad Al Jaber “.

Dr Sultan Ahmed Al-Jaber said” to award this concession is in line with Guidance on driving the maximum value of Abu Dhabi oil and gas resources, including Investigation and Development of Unused hydrocarbon. The agreement, which was signed today, will help ADNOC improve value and meet the growing demand for energy and oil and gas products in the long term, and strengthen Abu Dhabi’s position as a major energy supplier in the world. This agreement also reflects ADNOC’s close and continuous cooperation with American companies. “” We are happy to work with ADNOC in their efforts to maximize the value of Abu Dhabi’s untapped resources as part of its smart growth strategy. We have previously made a successful partnership with ADNOC to develop the Shah gas field and we look forward to continuing this cooperation in other strategic projects. “

All exploration activities in Abu Dhabi are carefully planned to ensure the implementation of preventive measures and use of Methods

United Arab Emirates is the seventh largest oil producer in the world with about 96 percent of its reserves in Abu Dhabi Emirates Emirate. Unplanned and undeveloped in many reservoirs rich ba

According to one Press release covers “Wild Area 3” an area of ​​5782 square kilometers, located in the Al Dhafra area of ​​Abu Dhabi.

Data available from the three seismic (seismic) It is the first land area determined by the competitive bidding offered by “Shah”, “Asab”, “Sahl” and “Haliba”.

ADNOC, in April 2018, is part of Abu Dhabi’s strategy of licensing new areas.

This move follows the latest award of two shipping zones in the emirate. The strategy reflects significant progress in Abu Dhabi’s efforts to accelerate exploration and development of untapped resources, thereby increasing its rich reserves and creating new business opportunities.

Under the terms of the agreement, Occidental Petroleum will get a 100 percent stake in exploration,

Following successful exploration and commercial feasibility of the discovered resources, Occidental Petroleum will be given the opportunity to develop and produce some discoveries, while ADNOC has the opportunity to participate in the exploration of oil and gas in “Maintaining a 60 percent share in the relay

The concession agreement was signed by Prime Minister Sultan Ahmed Al Jaber and CEO of ADNOC and its Group, and Vicki Holub, Chairman and President of Occidental Petroleum. [19659013] “This award is in line with leadership guidance to maximize the value of Abu Dhabi oil and gas resources, including exploration and development of unused hydrocarbon resources.” The agreement signed today will help ADNOC increase value and meet the growing demand for energy and oil product is and “The agreement also reflects ADNOC’s close and continuing cooperation with US companies.”

Vicky Holop, President and CEO, said: “We are pleased that we are cooperating with ADNOC in their efforts to maximize Abu Dhabi’s unused resources within its strategy for smart growth. “We have previously made a successful partnership with ADNOC to develop the Shah gas field and we look forward to continuing this cooperation in other strategic projects.”

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