Abu Dhabi National Oil Company (ADNOC) and Petroliam Nasional (Petronas) have signed a six-year agreement for the exploration and appraisal of the Unconventional Onshore Block 1 in the UAE.
Petronas will hold 100% equity as the field’s operator. Once the project reaches a successful appraisal phase, ADNOC and Petronas can establish a 30-year production concession agreement, in which ADNOC will be able to acquire a 50% stake.
Unconventional Onshore Block 1 covers a 2,000km² concession area in the Al Dhafra region, being Abu Dhabi’s first ever onshore unconventional oil block.
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