ADNOC and Petronas ink exploration deal
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.
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