Abu Dhabi National Company (ADNOC) said on Wednesday it had signed an exploration concession agreement with Occidental Petroleum Corp for onshore block 5.
@AdnocGroup has signed an exploration concession agreement with @WeAreOxy, awarding the US company the exploration rights for Onshore Block 5 in #AbuDhabi, to accelerate the development of Abu Dhabi’s hydrocarbon resources. pic.twitter.com/cYGaqzDoDw— مكتب أبوظبي الإعلامي (@admediaoffice) December 9, 2020
Occidental will have a 100 percent stake in the exploration phase and will invest up to 514 million dirhams ($140 million), including a participation fee, it said.
The block covers 4,212 square kilometer southeast of Abu Dhabi city.