The Abu Dhabi National Oil Company (ADNOC) has announced the opening of six new oil and gas blocks for bidding, both onshore and offshore
The announcement follows ADNOC’s strategy to launch its first ever competitive exploration and production bid round in the country.
Among the six oil and gas blocks, two are offshore and four are onshore, covering a total area of almost 30,000 sq km.
The interested bidders can register to participate in the licensing round in the ADNOC’s website, where the state-run oil and gas company has provided all necessary information. The bidding round will be close in October 2018, after which ADNOC will evaluate the bids, using the criteria, and the Supreme Petroleum Council (SPC) will award the successful bidders.
According to ADNOC, the first bid round is scheduled to conclude by the end of 2018.
According to ADNOC, the licensing round of oil and gas blocks in Abu Dhabi aims to unlock new oil and gas opportunities in the Middle East and maximise hydrocarbon production the region.
“The successful bidders will enter into agreements granting exploration rights and, provided defined targets are achieved in the exploration phase, be granted the opportunity to develop and produce any discoveries with ADNOC, under terms that will be set out in the bidding package,” said ADNOC reporting to the press.
Dr Sultan Ahmed Al Jaber, the UAE Minister of State and CEO of ADNOC Group, commented that with the new licensing round, ADNOC focuses on developing full oil and gas exploration activities in Abu Dhabi as well as in the Middle East.
In addition, with this move, ADNOC is considering expanding its downstream portfolio in the region, initiating production growth and diversifying its partnership base in the Middle East’s oil and gas industry.
In line with expanding partnership portfolio in the Middle East’s oil and gas industry, ADNOC has awarded 20 per cent stakes in two offshore oil fields in Abu Dhabi to Austrian oil and gas company OMV.
