UAE's ADNOC Launches Oil And Gas Exploration Round

Abu Dhabi National Oil Company is launching a competitive exploration and production licensing round for 6 oil and gas blocks, its first ever.

Reuters

ABU DHABI, April 10 (Reuters) – Abu Dhabi National Oil Company (ADNOC) said on Tuesday it was launching a competitive exploration and production licensing round for six oil and gas blocks, its first ever.

Two of the six blocks are offshore and four are onshore and estimates suggest they contain “substantial amounts of oil and gas”, ADNOC said in a statement.

Successful bidders will have the opportunity to explore and then develop and produce blocks with ADNOC.

Bids are due by October and the first bidding round is expected to conclude this year.

A global technical and commercial roadshow for the new round will start on April 23 in Abu Dhabi. This will be followed by one in Houston on April 26, London on May 1 and Hong Kong on May 8, ADNOC said.

ADNOC CEO Sultan al-Jaber said the company had received an overwhelming response to the bidding round from energy companies.

ADNOC is to maintain a 60 percent share during the production phase, he said at a news event in Abu Dhabi to announce the bidding round.

(Reporting by Rania El Gamal; writing by Maha El Dahan; editing by Jason Neely)





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