In March 2018, His Excellency Dr Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, announced that as part of Abu Dhabi’s new block licensing strategy, ADNOC was to launch its first ever competitive bid round for new licensing opportunities for the exploration, development and production of oil and gas in the Emirate.
The 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 approach to expanding its strategic partnerships across all areas of its business.
Abu Dhabi is located in one of the world’s largest hydrocarbon super-basins where there remains significant undiscovered and undeveloped potential in the numerous stacked reservoirs.
Six blocks have been announced for commercially competitive bidding in this first round, two of which are offshore and four are onshore.
This is rare opportunity for both existing and new partners to join ADNOC in unlocking untapped resources in one of the world’s largest hydrocarbon super-basins and a secure and stable investment environment.