Abu Dhabi National Oil Co. (ADNOC) has issued details of six blocks offered under Abu Dhabi’s first competitive exploration and production bid round.
Two are offshore and four are onshore, and the blocks cover a total area of almost 30,000 sq km (11,583 sq mi).
The successful bidders will enter into agreements granting exploration rights. Assuming they achieve their defined targets in the exploration phase, they will be given the opportunity to develop and produce any discoveries with ADNOC.
ADNOC CEO H.E. Dr Al Jaber said: “The launch of these large new licensing blocks is an important step for Abu Dhabi and ADNOC as we develop and apply new strategies to realize the full potential of our resources, maximize value through competitive bidding, and accelerate the exploration and development of new commercial opportunities. This is a rare and exciting opportunity, for both existing and new partners, in a secure and stable investment environment.”
The closing date for submitting bids will be in October.