Abu Dhabi awards onshore block to Occidental
Abu Dhabi 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.”
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