UAE’s ADNOC awards onshore exploration block to Indian consortium

Abu Dhabi National Oil Company (ADNOC) signed agreements on Monday awarding the exploration rights for Abu Dhabi Onshore Block 1 to a consortium of two Indian oil companies, Bharat Petroleum Corporation and Indian Oil Corporation, the state-owned oil major said in a statement on Monday.

The consortium will hold a 100 percent stake in the exploration phase, investing up to $170 million, including a participation fee, to explore for and appraise oil and gas opportunities in the block.

The Indian consortium will be granted the opportunity to develop and produce any discoveries following successful exploration activities and appraisal of the existing discoveries.

ADNOC has the option to hold a 60 percent stake in the production phase.

The onshore exploration block awarded to the Indian consortium will target, specifically, the conventional oil and gas opportunities in the area, the statement added.

ADNOC has awarded Offshore Blocks 1 and 2 to a consortium comprised of Eni and PTT Exploration and Production Public Company Limited; Onshore Block 3 to Occidental Petroleum; and Onshore Block 4 to Inpex Corporation.