By Anadolu Agency
December 6, 2022 5:39 amABU DHABI, United Arab Emirates
Abu Dhabi National Oil Company (Adnoc) and Malaysia’s state-owned oil and gas giant Petronas signed a historic deal for the exploration and appraisal of Abu Dhabi’s first-ever onshore unconventional oil block, local media reported Monday.
Emirates news agency WAM reported that UAE President Mohamed bin Zayed Al-Nahyan and Malaysian King Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah witnessed the signing ceremony between Adnoc and Petronas for Abu Dhabi’s Unconventional Onshore Block 1.
“The pioneering award to Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil concession,” the agency added.
According to the agency, the deal marks the “first time a Malaysian company will invest in and explore for hydrocarbons in Abu Dhabi.”
The six-year term agreement will allow Petronas to hold a 100% stake and operatorship to explore for and appraise unconventional oil in Unconventional Onshore Block 1, which covers an area of more than 2,000 square kilometers in the Al Dhafra region.
“We are delighted to partner with Petronas on this historic unconventional oil concession,” the agency cited the UAE’s Industry and Advanced Technology Minister and CEO of Adnoc, Sultan bin Ahmed Al Jaber, as saying.
The Emirates’ news agency said that Abu Dhabi’s unconventional recoverable oil resources are assessed at 22 billion barrels of very light and sweet crude, comparable to Adnoc’s flagship lower-carbon Murban grade.
We use cookies on our website to give you a better experience, improve performance, and for analytics. For more information, please see our Cookie Policy By clicking “Accept” you agree to our use of cookies.
Read More