• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 2 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 9 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 1 hour China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 17 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 7 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 1 hour US to Drown the World in Oil
  • 11 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 6 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 3 hours Iran Is Winning Big In The Middle East
  • 1 hour With Global Warming Greenland is Prime Real Estate
  • 2 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 22 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 21 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 8 hours LA Solar Power/Storage Contract
Is Renewable Hydrogen A Threat To Natural Gas?

Is Renewable Hydrogen A Threat To Natural Gas?

SoCalGas and German Electrochaea have…

Will Boris Johnson Back Fracking In The UK?

Will Boris Johnson Back Fracking In The UK?

The decline of North Sea…

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