by Rocky Sat 02 Feb 2019, 7:19 am
[size=36]ADNOC establishes first land exploration and production area[/size]
12:08 - 02/02/2019
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Mawazine News
Abu Dhabi National Oil Company (ADNOC) announced today the signing of an agreement with Occidental Petroleum to establish a new land area (land area 3) to explore, develop and produce oil and gas after the Abu Dhabi Supreme Petroleum Council approved this agreement.
The "Wild Zone 3" covers an area of 5782 square kilometers and is located in the Dhafra area of Abu Dhabi. The available data from the three-dimensional seismic survey includes a large part of the new area with promising potential and close to the Shah and Naseb fields "" Plain "and" Milky ".
This is the first land area to be built through ADNOC's competitive bidding in April 2018 as part of Abu Dhabi's strategy to license new areas following the recent award of two marine zones in the emirate. This strategy also reflects significant progress in Abu Dhabi's efforts to accelerate exploration and development of untapped resources, Contributes to the strengthening of its rich reserves and the creation of new business opportunities.
Under the agreement, Occidental Petroleum will receive a 100% stake in the exploration phase and will invest AED 893 million, including participation fees, in the exploration of oil and gas in the "Land Area 3".
Upon successful exploration and commercial feasibility of the discovered resources, Occidental Petroleum will be given the opportunity to develop and produce any discoveries, while ADNOC has the option to retain a 60% stake in the production concession stage.
The agreement was signed by HE Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its group of companies, Vicki Holub, Chairman and CEO of Occidental Petroleum.
"This award is in line with the leadership's guidance to maximize the value of Abu Dhabi's oil and gas resources, including exploration and development of untapped hydrocarbon resources," said HE Sultan bin Ahmed Al Jaber. And to meet the increasing demand for energy and oil and gas products in the long term, as well as to strengthen Abu Dhabi's position as a major energy supplier in the world. This agreement also reflects ADNOC's close and ongoing cooperation with US companies. "
"The choice of Occidental Petroleum came after a competitive bid during which Occidental presented an integrated plan that offers many advantages to explore the region. We are pleased to enhance cooperation with them as they are also our partners in the joint venture to produce and process sour gas in the Shah field. Long-term partnerships with partners keen to invest and collaborate with us at various stages of business and to contribute to the implementation of ADNOC's 2030 integrated strategy for smart growth, maximizing the value of Abu Dhabi's resources and securing strong and sustainable economic returns UAE. "
"We are pleased to partner with ADNOC in its efforts to maximize the value of Abu Dhabi's untapped resources in its strategy of smart growth. We have previously entered into a successful partnership with ADNOC to develop the Shah gas field, and we look forward to continuing this collaboration. Other projects of strategic importance ".
The exploration phase will see the contribution of Occidental Petroleum financially and technically in the large seismic survey project announced last year by ADNOC, which uses cutting-edge techniques to capture high-resolution 3D images of complex geological structures at depths of 25,000 feet below the surface, To identify potential hydrocarbon reservoirs.
ADNOC is partnering with Occidental Petroleum through ADNOC Gas Company, which was established in 2010 as a joint venture between ADNOC, which holds a 60% stake, and Occidental, which holds a 40% stake, to develop the Shah field, Of sour gas and enhance the value of it.
The UAE is the seventh largest oil producer in the world, with 96% of its reserves in the Emirate of Abu Dhabi. Undiscovered and undeveloped potential in many oil and gas-rich reservoirs remains in one of the world's largest reservoirs of hydrocarbon resources .
Based on the rich data available from detailed oil system studies, extensive seismic surveys, registration files and basic samples obtained from hundreds of assessment wells, it is estimated that the new areas contain significant resources estimated at several billion barrels of oil and trillions of cubic feet of gas Natural.
Some of these areas actually contain discoveries, with 310 exploratory targets and 110 possible combinations. In addition to conventional oil and gas resources, some bidding areas also contain large non-conventional potential resources.
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