Inpex takes Abu Dhabi exploration block

Abu Dhabi

ABU DHABI, March 19, 2019 – Abu Dhabi’s ADNOC has awarded exploration rights for the emirate’s onshore Block 4 to Japanese major Inpex.

The company will invest up to USD 176 million in exploring the more than 6,000-square-kilometre block as a 100% stakeholder in the exploration phase, the NOC said on Sunday. The figure includes an investment fee.

The licence area includes two undeveloped discoveries known as Ramhan and Hudairiat.

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