ADNOC awards Japan’s INPEX CORPORATION onshore exploration concession
19 March, 2019
The UAE’s national oil company ADNOC has signed an agreement awarding the exploration rights for Abu Dhabi Onshore Block 4 to Japan’s INPEX CORPORATION.
INPEX will hold a 100% stake in the exploration phase, investing up to US$176m (£133m), including a participation fee, to explore for and appraise oil and gas opportunities in the block that covers an onshore area of 6,116 km2 from Abu Dhabi city to the boundary with the Emirate of Dubai.
Following exploration activities and appraisal of the existing discoveries, INPEX will have the opportunity to develop and produce any commercial discoveries. ADNOC has the option to hold a 60% interest in the production phase of the concession.
The agreement, with a term of 35 years, was signed by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Takayuki Ueda, President and CEO of INPEX CORPORATION.
ADNOC is a confirmed speaker at EIC Connect Oil, Gas & Beyond, taking place on 16 April in Abu Dhabi. To find out about its project pipeline, supplier requirements and how to work with the company, book your delegate place now.