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Oil

UAE’s ADNOC signs onshore exploration concession agreement with Occidental

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Abu Dhabi National Company (ADNOC) said on Wednesday it had signed an exploration concession agreement with Occidental Petroleum Corp for onshore block 5.

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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.

Read more: UAE oil discovery part of ADNOC efforts to increase production to 5 mln bpd: Minister