First Round Blocks
Full details on the blocks including regional geological information and well and seismic data, in both raw and interpreted form, will be made available in the data package that can be purchased after the roadshows.
Following the bid round, the successful bidders will enter agreements that, providing defined targets are achieved in the exploration phase, will give them the opportunity to then develop and produce any discoveries with ADNOC, under terms that will be set out in the bidding package.
The UAE is the world’s seventh largest oil producer, with 96% of its reserves within the Emirate of Abu Dhabi. It 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. Based on existing data from detailed petroleum system studies, seismic surveys, log files and core samples from hundreds of appraisal wells, estimates suggest these new blocks hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas. Some of the blocks already have discoveries, and within the combined area there are 310 targeted reservoirs from 110 prospects and leads. In addition to the country’s conventional potential, the offered blocks also contain significant unconventional resources.