ADNOC and Petronas ink exploration deal
ABU DHABI, December 6, 2022 – Petronas has signed a deal with Emirati NOC ADNOC to explore and appraise the UAE’s first onshore unconventional block, the Malaysian NOC announced on Monday.
Under the six-year agreement, Petronas will hold 100% equity and operatorship of the 2,000-square-kilometre Unconventional Onshore Block 1 concession located in the Al Dhafra region.
After a successful appraisal, ADNOC has the option to hold a 50% stake in the development.
The deal is valued at around USD 218 million.
“This award ushers a new chapter of strategic energy cooperation in the longstanding relationship between the UAE and Malaysia, and it reinforces the UAE’s position as a trusted investment destination,” said UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC H.E. Dr. Sultan Ahmed Al Jaber.
We have awarded the first unconventional oil concession in the Middle East to Malaysia's @Petronas.
PETRONAS will bring its global experience in unconventional operations to further explore and appraise Abu Dhabi’s Unconventional Onshore Block 1. pic.twitter.com/j9Mg02POc5
— ADNOC Group (@ADNOCGroup) December 6, 2022