Abu Dhabi awards onshore block to Occidental
ABU DHABI, February 4, 2019 – Abu Dhabi’s ADNOC has awarded an onshore oil and gas block to US player Occidental Petroleum, the NOC said on Saturday.
Occidental will invest USD 244 million in the exploration phase of Onshore Block 3. The company will hold a 100% stake in the phase, and will be given the opportunity to participate in further development provided reserves prove commercial. At that stage, ADNOC will have the option to retain 60%. The concession period is 35 years.
At a signing ceremony for the block award, ADNOC Group CEO Sultan Ahmed Al Jaber said the award signalled ADNOC’s “continued and increasing collaboration with US companies.”