The Abu Dhabi National Oil Company (Adnoc) has opened six geographical blocks for bidding through a block licensing round.
Winners of the auction will be able to secure exploration rights for the blocks, which cover an area of around 30,000km². They will also have an opportunity to develop and produce any discoveries with Adnoc once the exploration stage is achieved.
Of the six blocks available, four are onshore locations and two are offshore.
Adnoc Group CEO Dr Sultan Ahmed 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 realise the full potential of our resources, maximise 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.”
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By GlobalDataBased on the results of seismic surveys and core sampling, Adnoc expects the blocks to hold billions of barrels of oil (bbl) and extensive natural gas reserves.
Some of the blocks are also expected to contain unconventional resource potential.
Prospective bidders need to confirm their participation through an expression of interest. Companies have until October 2018 to submit their bids, with the first round expected to be completed by the end of the year.
