Page 12 - MEOG Week 45

MEOG tenders MEOG
ADNOC extends bidding deadline for second auction
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Exploration & Production, Bharat Petroleum Corp. Ltd. and Indian Oil Corp. Ltd. were awarded Onshore Block 1, Occidental Petro- leum won Onshore Block 3, and Inpex Corp. took Onshore Block 4.
The exploration phase will last for a maxi- mum of nine years, after which the concession could be extended to 35 years for development and production. ADNOC has the customary option to take a 60% stake in the event of a com- mercial discovery.
ADNOC has been increasing focus on the north-west offshore in recent years in a search primarily for gas – a shortage of which currently forces resort to imports. The statement accom- panying the licence awards made reference to the company’s “integrated gas strategy,” formally pronounced in November, to return the emirate ultimately to a net exporting position.™
ABU Dhabi National Oil Co. (ADNOC) has pushed back the deadline for bids on five new exploration blocks to give interested parties more time to form consortia.
In May, the company announced the launch of its second bid round for five blocks – three off- shore and two onshore – following the emirate’s open first bid round last year when four onshore blocks and two contiguous offshore blocks were offered in the north-west.
The second round blocks cover large areas throughout Abu Dhabi, covering a total acre- age of 34,000 square km. Onshore Block 2 is in the south-west, bordering Saudi Arabia, while Onshore Block 5 borders Oman in the south-east.
Offshore Blocks 3, 4 and 5 cover the majority of Abu Dhabi’s offshore area.
Speaking to press on November 11, an ADNOC spokesman said: “Based on requests from bidders, we have extended the bid submis- sion timeline until the end of December to give interested companies appropriate time to discuss the forming of potential consortia.”
ADNOC noted that Offshore Block 3, which was offered in the 2019 iteration, is the largest block offered in either licensing round at more than 11,000 square km.
The first bid round was a great success, with five licences apportioned covering an area of 30,000 square km. Offshore Blocks 1 and 2were won by Italy’s ENI and Thailand’s Ptt
PriCes
Date
WTI (US$)
ICE Brent (US$)
DME Oman (US$)
OPEC Basket (US$)
05 November
57.23
62.18
63.01
62.57
06 November
56.35
62.51
62.00
62.39
07 November
57.15
62.29
62.20
62.32
08 November
57.24
61.74
62.76
61.98
11 November
56.86
62.96
62.74
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Week 45 13•November•2019