ADNOC launches second bid round for five major exploration blocks

PR 01052019 BBR2 1The Abu Dhabi National Oil Company (ADNOC) announced the details of the second round of five new geographical oil and gas blocks open for bidding to both conventional and unconventional resources

Successful bidders will enter into agreements granting them exploration rights and, as long as defined targets are achieved in the exploration phase, they will be given the opportunity to develop and produce any discoveries under the terms set out in the bid package.

Abu Dhabi’s five new bidding blocks–three of which are offshore and two onshore –are known as Offshore Block three, Offshore Block four, Offshore Block five, Onshore Block five and Onshore Block two, with the latter offering two separate licensing opportunities for conventional and unconventional oil and gas, respectively. In total, the five blocks cover an area of approximately 34,000 sq km.

This second licensing round follows the conclusion in March of the award of the blocks in Abu Dhabi’s highly successful debut competitive exploration and production bid round, covering an area of approximately 30,000 sq km and generating significant interest from prospective international bidders, strengthening the international community’s confidence in the UAE’s trusted and reliable invasion.

Sultan Ahmed Al Jaber, UAE minister of state and ADNOC Group CEO, said, “The launch of Abu Dhabi’s second licensing bid round builds on the momentum of the first and very successful competitive bid round.”

“It demonstrates how ADNOC’s expanded approach to partnerships is enabling us to utilise value-add partnerships and smart technologies to drive new commercial opportunities and efficiently accelerate the exploration and development of Abu Dhabi’s untapped resources, in line with the leadership’s directives,” he added.

“This second bid round provides the next major opportunity for both new and existing partners, with best-in-class exploration technology and expertise, to join us in further unlocking Abu Dhabi’s substantial hydrocarbon resources in the UAE’s trusted and reliable investment environment. It signals both Abu Dhabi’s and ADNOC’s ongoing drive to realise the potential of our resource base to remain a long-term and reliable energy provider to the world,” he stated.

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