Adnoc and Petronas sign agreement for exploration
Adnoc and Petronas sign exploration deal
The Middle Eastern NOC is tapping Malaysian expertise to help it develop an unconventional resource
Abu Dhabi’s state-owned Adnoc and Malaysia’s Petronas have signed an agreement that will see the Malaysian company explore and appraise a 2,000km concession area in Abu Dhabi’s Al Dhafra region, known as Unconventional Onshore Block 1. Under the deal, Petronas will operate and own 100pc of the concession and have up to six years to carry out the exploration and appraisal work. Adnoc has the option to take a 50pc stake in any subsequent production agreement, with the concession to run for 30 years. Petronas will be building on what the Middle Eastern NOC terms its “prior exploration and de-risking activities”. This includes an ongoing 3D seismic survey of the concession area, which Petronas w
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