UAE’s ADNOC awards Occidental onshore exploration concession

ADNOC said that Occidental will have a 100 percent stake in the exploration phase and will invest up to $140 million. (Courtesy ADNOC)

• 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.