Indian majors take Abu Dhabi block

Abu Dhabi

ABU DHABI, March 25, 2019 – Abu Dhabi’s ADNOC has awarded exploration rights for the emirate’s Onshore Block 1 to a consortium of Bharat Petroleum Corporation and Indian Oil Corporation, the NOC announced on Monday.

The consortium will invest around USD 170 million in exploring the block as a 100% stakeholder in the exploration phase. The figure includes a participation fee.

The licence area includes the Ruwais Diyab Unconventional Gas Concession, under development by Total, but the Indian consortium is expected to focus on conventional oil and gas in the block.

The consortium will have the option of developing the block’s production phase, with ADNOC backing in with a stake of 60%.