• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 16 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 hour Tesla Launches Faster Third Generation Supercharger
  • 29 mins Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 9 mins Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 13 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 8 hours China's Renewables Boom Hits the Wall
  • 7 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 17 hours Iran's Master Plan?
  • 16 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 15 hours Saudi Aramco IPO Will Not Save Kingdom

Breaking News:

Oil Rebounds On Surprise Crude Draw

Why Isn’t Winter Pushing LNG Prices Higher?

Why Isn’t Winter Pushing LNG Prices Higher?

he mid-2020s LNG supply and…

6 Technology Trends Revolutionizing The Transportation Sector

6 Technology Trends Revolutionizing The Transportation Sector

Greener and leaner transportation is…

Abu Dhabi Launches Second Oil, Gas Exploration Bid Round

ADNOC storage

The Abu Dhabi National Oil Company (ADNOC) is launching Abu Dhabi’s second competitive bid round for oil and gas exploration of conventional and unconventional resources, the state oil firm said on Wednesday.

ADNOC and Abu Dhabi are opening for bidding five new blocks, including three offshore and two onshore blocks, with one of the onshore blocks offering two separate licensing opportunities for conventional and unconventional oil and gas, respectively.

“Based on existing data from detailed petroleum system studies, seismic surveys, exploration and appraisal wells data, estimates suggest the blocks in the second bid round hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas,” ADNOC said in today’s statement.

ADNOC will be accepting bids by the end of November 2019, after which the company will evaluate the bids received. The Supreme Petroleum Council (SPC) will award the successful bidders, ADNOC said. 

The launch of second exploration bid round comes a year after ADNOC offered six oil and gas blocks for bidding in a first-ever competitive exploration and production bid round as part of its strategy to expand strategic partnerships in all business areas.

The first bid round concluded in March 2019, in which Abu Dhabi awarded two offshore blocks in concessions to a consortium led by Italy’s oil and gas major Eni and Thailand’s PTT Exploration and Production Public Company Limited (PTTEP). One onshore block went to India’s Bharat Petroleum Corporation Limited and Indian Oil Corporation Limited, another onshore block was awarded to Occidental Petroleum, and a third onshore block was awarded to Japan’s Inpex Corporation.

“The launch of Abu Dhabi’s second licensing bid round builds on the momentum of the first and very successful competitive bid round,” Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said.

“It demonstrates how ADNOC’s expanded approach to partnerships is enabling us to utilize value-add partnerships and smart technologies to drive new commercial opportunities and efficiently accelerate the exploration and development of Abu Dhabi’s untapped resources, in line with the leadership’s directives,” Al Jaber noted.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play