The Abu Dhabi National Oil Company (ADNOC) has launched its second bid round involving five new blocks to tap unexplored oil and gas resources.
The bid round will include three offshore and two onshore blocks comprising a combined area of around 34,000km².
Offshore Blocks 3, 4 and 5, along with Onshore Block 5 will be open for exploring conventional oil and gas resources. Onshore Block 2 will offer two separate licensing opportunities for conventional and unconventional resources.
The areas included in the bidding round are said to offer significant conventional and unconventional oil and gas potentiality. The successful bidders will gain exploration rights of the blocks and receive the opportunity to develop any potential resource, subject to their discovery in the exploration phase.
UAE Minister of State and ADNOC Group CEO Dr Sultan Ahmed Al Jaber said: “The launch of Abu Dhabi’s second licensing bid round builds on the momentum of the first and very successful competitive bid round.
“It demonstrates how ADNOC’s expanded approach to partnerships is enabling us to utilise value-add partnerships and smart technologies to drive new commercial opportunities and efficiently accelerate the exploration and development of Abu Dhabi’s untapped resources, in line with the leadership’s directives.”
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In March 2019, ADNOC concluded awarding the blocks included in its first exploration and production bid round, including an area of around 30,000km².
The blocks included in the two rounds encompass around two-thirds of Abu Dhabi’s territory. The bidding for the second round will close by end of November 2019, following which ADNOC will assess the bids. The licences will be awarded by the Supreme Petroleum Council (SPC), the highest governing body of oil, gas and other related assets in Abu Dhabi.