Japan’s Cosmo takes Abu Dhabi offshore block

Abu Dhabi

ABU DHABI, February 11, 2021 – Abu Dhabi’s ADNOC has awarded Japan’s Cosmo Energy Holdings Company a 100% stake in the exploration phase for Offshore Block 4 – the third award in the emirate’s second bid round.

Cosmo is expected to invest up to USD 145 million in the block, drilling exploration and appraisal wells, as well as contributing financially to ADNOC’s mega seismic survey, which is acquiring 3D-seismic data within the block area, the NOC said in a press release on Wednesday.

“Cosmo was selected after a very competitive bid round,” ADNOC group CEO Dr. Sultan Ahmed Al Jaber said. “They bring expertise and understanding of our offshore environment, technology, and market access – key ingredients that underpin ADNOC’s targeted approach to strategic partnerships, which is enabling us to unlock and maximise value from our assets and resources as we continue to deliver on our 2030 strategy.”

In December, ADNOC awarded the first offshore block in the bid round to a consortium of Italy’s Eni and Thailand’s PTTEP. Offshore Block 3 is expected to see an investment of USD 412 million during the exploration phase.

The award followed Occidental’s success in taking a 100% stake in the exploration phase of Block 5 earlier the same month.

Companies will have the right to pursue a 35-year production phase if a commercial discovery is made.