Oil & Gas
ADNOC Awards Cosmo Offshore Exploration Block
The Abu Dhabi National Oil Company announced, the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi’s
The Abu Dhabi National Oil Company announced, the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi’s Offshore Block 4 to Cosmo E&P Albahriya Limited, a wholly-owned subsidiary of Japan’s Cosmo Energy Holdings Co Ltd. The award has been approved by Abu Dhabi’s newly formed Supreme Council for Financial and Economic Affairs and marks the first of such awards endorsed by the SCFEA.
The exploration concession agreement further strengthens Abu Dhabi’s long-standing partnership with Cosmo as well as the UAE-Japan strategic bilateral relationship. The award of Offshore Block 4 follows the recent exploration block awards to Occidental as well as a consortium led by Italy’s Eni and Thailand’s PTTEP, highlighting ADNOC’s ability to continually deliver value in Abu Dhabi’s second competitive block bid round and leverage its strategic partnerships to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources.
Under the terms of the agreement, Cosmo will hold a 100 percent stake in the exploration phase, investing up to USD 145 million (AED 532 million) towards exploration and appraisal drilling, including a participation fee, to explore for and appraise oil and gas opportunities in the block that covers an offshore area of 4,865 square kilometers northwest of Abu Dhabi city.