Awarding of Abu Dhabi Onshore Block 4/WAM
After exploration activities and evaluation of the existing discoveries, Inpex will have the opportunity to develop and produce any commercial discoveries.
Sunday 17, March 2019 BY KUDAKWASHE MUZORIWA
Abu Dhabi National Oil Company (ADNOC) has awarded Japan’s Inpex Corporation exploration rights for Abu Dhabi Onshore Block.
In a statement, ADNOC stated that Inpex’s subsidiary, JODCO Exploration Limited, will hold and manage the interest in the concession on behalf of INPEX.
INPEX will hold a 100 per cent stake in the exploration phase, investing up to AED 646 million ($176 million), which includes a participation fee to explore as well as evaluate oil and gas opportunities in the block that covers an onshore area of 6,116 km from Abu Dhabi city to the boundary with the Emirate of Dubai.
Additionally, ADNOC has the option to hold a 60 per cent stake in the production phase of the concession.