Abu Dhabi - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has unveiled the details of the initial round of six geographical oil and gas blocks open for bidding.
Once their bids are accepted, the developers will sign agreements to be granted exploration rights and the right to develop and produce any discoveries with ADNOC under terms defined in the bidding package, the UAE-based energy giant stated on Tuesday.
“The launch of these large new licensing blocks is an important step for Abu Dhabi and ADNOC as we develop and apply new strategies to realise the full potential of our resources,” ADNOC’s group CEO Sultan Ahmed Al Jaber commented.
The six sites include two offshore and four onshore blocks situated on a total area of 30,000 kilometres, the state-owned company revealed.
“As we begin to expand our downstream portfolio, the new licensing blocks reinforce our long-term production growth ambitions and builds on our successful legacy as a leading upstream player,” Al Jaber said.
The deadline for submitting bids is planned to be in October 2018, while the first bid round is scheduled for conclusion this year.
