Page 8 - MEOG Annual Review 2021

MEOG MARCH MEOG

Oxy makes discovery

as ADNOC maintains

momentum

ADNOC has continued to expand its rig and shipping fleet as
it makes a move to increase its control in the sector, while

a find by Oxy adds to the company’s production potential.

UAE US-BASED Occidental Petroleum (Oxy) during “We still have more exploration and appraisal
an earnings call last week announced that it had work to complete, but are highly encouraged by
made a ‘multi-reservoir’ discovery in onshore the results to date,” she added.
WHAT: Abu Dhabi as the emirate maintains its momen- Oxy picked up the 11,000-square km Block
Oxy announced an tum towards exerting greater control over the oil, 3 in February 2019 following Abu Dhabi’s first
onshore discovery in gas and broader energy sector. competitive bidding round.
Abu Dhabi’s Block 3 The first bid round was a great success, with
concession following Oxy’s announcement five licences apportioned covering an area of
the recent award to the During an earnings call last week, CEO Vicki 30,000 square km. Aside from Oxy’s award,
company of Block 5. Hollub noted that the discovery had been made offshore Blocks 1 and 2 were won by Italy’s Eni
following the award by Abu Dhabi’s Supreme and Thailand’s PTT Exploration & Production,
WHY: Petroleum Council (SPC) of the onshore Block Bharat Petroleum Corp. and Indian Oil Corp.
The news comes as 5 concession in December. (IOC) were awarded Onshore Block 1 and Inpex
ADNOC is maintaining its “We are pleased to have been awarded a new took Onshore Block 4.
efforts to expand drilling concession, onshore Block 5 in Abu Dhabi, The award of the Block 5 concession came
throughout the emirate as which is adjacent to onshore Block 3 where we’ve after the SPC granted Abu Dhabi National Oil
well as grow its shipping been conducting exploration work. Following Co. (ADNOC) permission to begin handing out
fleet. the award of Block 5, we made a multi-reservoir blocks included in Abu Dhabi’s second compet-
discovery in Block 3,” Hollub said. itive bidding round, which was launched later
WHAT NEXT:
ADNOC already boasts a
formidable position in the
market and this is being
consolidated by major,
shrewd moves.

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