The Supreme Council for Financial and Economic Affairs (SCFEA), which spearheads Abu Dhabi’s public policy on financial, investment, economic, petroleum, and natural resources, has handed out three separate oil and gas production concessions to the UAE-based Abu Dhabi National Oil Company (ADNOC) and its partners, including Japan’s Inpex Corporation, Italy’s Eni, Thailand’s PTTEP, and Pakistan International Oil Limited (PIOL).
These production concession agreements have been signed for one onshore block and two offshore ones between the Supreme Council for Financial and Economic Affairs on behalf of the government of the Emirate of Abu Dhabi, ADNOC, and its partners for each block.
The award for the onshore Block 4 went to ADNOC (60%) and Japan’s JODCO Exploration Limited (JEL), a subsidiary of Inpex Corporation, which got a 40% stake in the concession area north of Abu Dhabi City.
The winners of the first offshore concession agreement are ADNOC (60%), Eni Abu Dhabi (28%), a subsidiary of Italy’s Eni, and PTTEP MENA (12%), an affiliate of PTTEP, which secured interests in Block 2 situated to the west of the Ghasha field off the coast of Abu Dhabi.
The final offshore award was given to ADNOC (60%) and Pakistan International Oil Limited (PIOL) (40%) for Block 5 , which is located near the Zakum field offshore the UAE. The Middle Eastern country is determined to step up its oil and gas game to ensure the security of its energy supply.
Recently, ADNOC Gas disclosed a final investment decision (FID) for the first phase of its gas asset optimization, which is envisioned to unlock new gas reserves. The firm hired Wood, Petrofac, and Kent to bring the project to life.
ADNOC’s XRG has confirmed within its five-year business plan its ambition to become a top five integrated global gas and liquefied natural gas (LNG) business with 20–25 million tons per annum (mtpa) capacity by 2035.