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ADNOC Launches Abu Dhabi’s 2019 Block Bid Round

Source: www.gulfoilandgas.com 5/1/2019, Location: Middle East

ADNOC has launched Abu Dhabi’s 2019 Block Bid Round, opening for bidding five new onshore and offshore exploration blocks with substantial oil & gas potential.

In April 2018, as part of Abu Dhabi’s new block licensing strategy, ADNOC launched its first-ever competitive bid round for new licensing opportunities for the exploration, development, and production of oil and gas in Abu Dhabi. Following the successful conclusion of the debut round, ADNOC has launched a second competitive licensing bid round for another set of major onshore and offshore blocks across the emirate of Abu Dhabi.

This second block bid round provides the next major opportunity for both new and existing partners to join ADNOC in further unlocking untapped resources in one of the world’s largest hydrocarbon super-basins and a trusted and reliable investment environment.

Five blocks have been announced for commercially competitive bidding in this second round, three of which are offshore and two are onshore.

A roadshow of technical and commercial information on the new blocks will take place in Abu Dhabi on May 22, 2019.

Abu Dhabi’s licensing strategy represents a major advancement in how Abu Dhabi maximizes value from its hydrocarbon resources through commercially competitive bidding, to secure the right partners for the right opportunities, and accelerate exploration and development of new commercial prospects. It is also consistent with the ADNOC Group’s expanded approach to strategic partnerships across its full value chain.

The UAE is the world’s seventh-largest oil producer, with about 96 percent of its reserves within the emirate of Abu Dhabi. Located in one of the world’s largest hydrocarbon super-basins, there remains significant undiscovered and undeveloped potential in the numerous stacked reservoirs.

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