UAE’s ADNOC awards Occidental onshore exploration concession

Reuters
ADNOC said that Occidental will have a 100 percent stake in the exploration phase and will invest up to $140 million. (Courtesy ADNOC)
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  • The block covers 4,212 square kilometers southeast of Abu Dhabi city

DUBAI: Abu Dhabi National Company (ADNOC) said on Wednesday it had signed an exploration concession agreement with Occidental Petroleum Corp. for onshore block 5.
Occidental will have a 100 percent stake in the exploration phase and will invest up to $140 million, including a participation fee, it said.
The block covers 4,212 square kilometers southeast of Abu Dhabi city.

Topics: energy Oil UAE ADNOC Occidental Petroleum