20MAR2019 - NEWS - Abu Dhabi National Oil Company awards exploration rights for Abu Dhabi Onshore Block 4 to Japan’s INPEX Corporation

The Abu Dhabi National Oil Company (ADNOC) has recently awarded the exploration rights for Abu Dhabi Onshore Block 4 to Japan’s INPEX Corporation. Based on the agreement, JODCO Exploration Limited, wholly-owned INPEX subsidiary, will hold and manage the interest in the concession on behalf of INPEX. INPEX will hold a 100 percent stake in the exploration phase, investing about $176 million, including a participation fee, to explore and appraise oil and gas opportunities in Block 4, an onshore area of 6,116 km2 from Abu Dhabi city to the boundary with Dubai. Following exploration activities and appraisal of the existing discoveries, INPEX will have the opportunity to develop and produce any commercial discoveries. ADNOC has the option to hold a 60 percent stake in the production phase of the concession.

Published by Editor - www.Livebunkers.com at 20-Mar-2019 05:25:34 [UTC] , contact editor at editor@livebunkers.com