Abu Dhabi National Oil Company (Adnoc) has secured interests from Chinese firms for oil and gas blocks put for bidding under the new partnership model.
Last month, Abu Dhabi began bidding for oil and gas onshore and offshore blocks, according to Thenational.ae in an exclusive report.
With the partnership model, Adnoc aims to seek new partners to boost its energy sector.
Adnoc unit Al Yasat Petroleum acting chief executive Tayba Al Hashemi at the inaugural of Abu Dhabi Global Market’s Belt-and-Road financial forum held in Beijing, said: “During the roadshows following our block bids announcement, it was reassuring to see a high number of delegates from China, demonstrating a great interest in this partnership and investment opportunity in Abu Dhabi.
“The blocks bid approach is different and new to Adnoc. But it is a win-win for our partners as the successful bidders will gain the right to explore. Partners will have the opportunity alongside Adnoc to benefit from any discoveries and grow with us.”
The bidders will not only secure the exploration rights but also could be invited to develop any discoveries from the blocks.
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These plays contain billions of barrels of oil and trillions of cubic feet of natural gas.
Bids will be sought for four onshore and two offshore plays, which together comprise an area of 30,000km².
Bids are due by October and the first round will be completed this year.
Adnoc is seeking to team up with partners to double its refining capacity and triple its petrochemicals capacity by 2025.
Last month, Hashemi took responsibility of Al Yasat, which is Adnoc’s first joint venture with China National Petroleum Corporation (CNPC).
In March, CNPC acquired two stakes worth AED4.3bn ($1.17bn) in offshore fields. Adnoc awarded stakes to its consumers such as India while retaining 60% interest in the plays.
PetroChina, China’s biggest oil producer that is mostly owned by CNPC, was granted a 10% stake both in Umm Shaif and Nasr, as well as the Lower Zakum field.
PetroChina paid a fee of AED2.1bn for Umm Shaif and Nasr fields and AED2.2bn for Lower Zakum play.