The UAE’s Supreme Council for Financial and Economic Affairs has awarded three new oil and gas production concessions to ADNOC and partners JODCO Exploration, Eni, PTTEP and PIOL, the Abu Dhabi Media Office announced on Wednesday.
One concession was awarded to ADNOC and Japan’s JODCO Exploration, a subsidiary of INPEX, for Onshore Block 4, located north of Abu Dhabi City. JODCO will hold a 40% stake, and ADNOC will retain 60%. Drilling campaigns carried out on the block since 2021 have discovered multiple oil and gas reservoirs.
A second concession for Offshore Block 2 went to Eni Abu Dhabi and PTTEP MENA, who will hold 28% and 12%, respectively, with ADNOC holding the remaining 60%. Located west of the Ghasha field, Offshore Block 2 is a conventional gas asset that yielded the first discovery from Abu Dhabi’s offshore exploration concessions in 2022.
ADNOC operates under the direction of the Supreme Council for Financial and Economic Affairs, formerly known as the Supreme Petroleum Council, the body responsible for setting economic, petroleum and natural resources policy in Abu Dhabi.
Source: By theenergyyear.com