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Adnoc set to launch oil and gas exploration licensing round for six blocks

EBR Staff Writer Published 11 April 2018

Abu Dhabi National Oil Company (Adnoc) is set to launch an exploration and production licensing round for six oil and gas blocks.

Of the six blocks, which are estimated to hold substantial amounts of oil and gas reserves, two are located offshore and four are onshore.

The six blocks considered for bidding cover an area of between 2,500 and 6,300km², which is equivalent to up to three quarters of a UK North Sea quadrant, consisting of 30 blocks. 

The first bid round for the blocks is scheduled to be concluded this year.

Said to be Abu Dhabi’s first ever block licensing strategy, the competitive exploration and production bid round is intended to unlock new opportunities and maximize value from Abu Dhabi’s hydrocarbon resources, Adnoc said.

Adnoc CEO Sultan Ahmed Al Jaber said: “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 realize the full potential of our resources, maximize value through competitive bidding and accelerate the exploration and development of new commercial opportunities.

“This approach is central to our expanded partnership strategy, which aims to introduce new opportunities as we broaden and diversify our partnership base.

“In addition, 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.”

According to estimates, the new blocks comprise multiple billion barrels of oil and multiple trillion cubic feet of natural gas, the firm said.

The UAE is claimed to be the world’s seventh largest oil producer. About 96% of its reserves are estimated to contain within the emirate of Abu Dhabi.

Adnoc said in a statement: “Located in one of the world’s largest hydrocarbon super-basins, there remains undiscovered and undeveloped potential in the numerous stacked reservoirs.”

Image: Officials from Adnoc. Photo: courtesy of Abu Dhabi National Oil Company.