PETRONAS Abu Dhabi has inked a historic agreement with Abu Dhabi National Oil Company to explore and appraise Unconventional Onshore Block 1 covering a 2,000 square km concession area in the Al Dhafra region. PETRONAS will hold 100 per cent equity and operatorship to explore and appraise unconventional oil in the concession area for a period up to six years. Following a successful appraisal phase, the partners can enter a production concession which ADNOC has the option to hold a 50 per cent stake in.
PETRONAS Abu Dhabi has inked a historic agreement with Abu Dhabi National Oil Company to explore and appraise Unconventional Onshore Block 1 covering a 2,000 square km concession area in the Al Dhafra region. PETRONAS will hold 100 per cent equity and operatorship to explore and appraise unconventional oil in the concession area for a period up to six years. Following a successful appraisal phase, the partners can enter a production concession which ADNOC has the option to hold a 50 per cent stake in.
