Japanese oil company INPEX has secured a production concession for Onshore Block 4 in Abu Dhabi, United Arab Emirates, strengthening its Middle East portfolio.
The Supreme Council for Financial and Economic Affairs of Abu Dhabi awarded the concession to INPEX’s subsidiary Jodco Exploration (JEL).
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JEL will hold a 40% interest in Onshore Block 4, with Abu Dhabi National Oil Company (ADNOC) retaining the remaining 60%.
The partners are set to jointly advance development and production activities in the region. This follows INPEX’s participation in ADNOC’s first competitive bid round in 2018, which led to the exclusive rights to explore Onshore Block 4 and the subsequent discovery of multiple oil, condensate and gas reservoirs after drilling operations in 2021.
The production concession is expected to significantly contribute to INPEX’s business expansion in Abu Dhabi, where the company has been operating for more than five decades.
Apart from the Onshore Block 4 concession, the Abu Dhabi council has also awarded two other oil and gas production concessions.
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By GlobalDataA production concession agreement has been awarded to ADNOC, ENI Abu Dhabi and PTTEP MENA for Offshore Block 2 in Abu Dhabi.
The production concession is situated offshore to the west of the Ghasha field, focusing primarily on conventional gas resources.
ADNOC will hold a 60% interest in the concession area, while ENI and PTTEP will hold 28% and 12% participating interests, respectively.
The third and final production concession agreement has been awarded to ADNOC and Pakistan International Oil Limited (PIOL) for Offshore Block 5 in Abu Dhabi.
PIOL will own a 40% participating interest in the concession area, located offshore near the Zakum field, primarily producing conventional oil resources. ADNOC will hold the remaining 60% interest.
