US’ Occidental Petroleum lands UAE’s first onshore block
04 February, 2019
The Abu Dhabi National Oil Company (ADNOC) has awarded the exploration rights to Onshore Block 3 to US exploration and production company Occidental Petroleum.
Onshore Block 3 is the first onshore block to be awarded among the geographical areas that were offered for commercial bidding by ADNOC in April 2018.
Under the terms of the agreement, Occidental will hold a 100% stake in the exploration phase, investing US$244m (£187m), including a participation fee, to explore for oil and gas in the block.
Onshore Block 3 covers an area of 5,782km2 located in the Al Dhafra region. Existing 3D seismic data already covers a large part of the block which, combined with its proximity to the Shah, Asab, Haliba and Sahl fields, suggests the concession area has promising production potential.