Dubai – Mubasher: Abu Dhabi National Oil Co. (ADNOC) has awarded the US-based Occidental Petroleum a 35-year concession in an onshore block named Onshore Block 3.
The Texas-based energy company will invest $244 million during the exploration phase of the block, according to a company statement.
"[The] concession… [Will] further strengthening Abu Dhabi’s position as an essential energy provider to the world. The award also signals our continued and increasing collaboration with US companies,” Adnoc Group CEO, Sultan Ahmed Al Jaber, commented.
The awarded block covers an area of 5,782 square kilometres in al-Dhafrah region in Abu Dhabi.
"We have had a successful partnership with ADNOC developing the Shah Gas Field and look forward to continuing to work together on projects of strategic importance,” Occidental Petroleum’s president and CEO, Vicki Hollub, said.
