Page 8 - MEOG Week 49 2022

MEOG PROJECTS & COMPANIES MEOG

ADNOC signs unconventional

oil deal with Petronas

UAE ABU Dhabi National Oil Co. (ADNOC) this on this occasion 50%.
week signed a deal with Petronas that awards the As with all other recent concessions appor-
Malaysian firm the first concession for uncon- tioned by ADNOC, Petronas will leverage and
ventional oil development in the Middle East. contribute to ADNOC’s ongoing 3D mega seis-
Under the terms of the agreement, Petro- mic survey – an on- and offshore study being
nas was granted 100% operatorship of the six- carried out by China National Petroleum Corp.
year exploration phase of the Unconventional (CNPC) geophysical specialist subsidiary BGP.
Onshore Block 1 asset which covers more than The scope of the 3D survey was expanded in late
2,000 square km in the western Al Dhafra region 2020 from around 53,000 square km to 82,000
of Abu Dhabi. square km, taking the total value of the contract
The deal was signed by HE Dr. Sultan Al to $2.12bn. The project is the world’s largest com-
Jaber, UAE Minister of Industry and Advanced bined onshore and offshore 3D seismic survey.
Technology and ADNOC managing director The emirate has recoverable unconventional
and CEO, and Datuk Tengku Taufik, president oil resources estimated at 22bn barrels of very
and CEO of Petronas, during a visit by Malaysian light and sweet crude, which ADNOC said is
King Abdullah’s visit to the UAE. comparable to its flagship lower-carbon Mur-
Al Jaber said: “ADNOC will continue to ban grade.
responsibly unlock value from Abu Dhabi’s vast In November 2018, TotalEnergies signed
hydrocarbon resources in a reliable and sus- an agreement to acquire a 40% stake alongside
tainable manner.” He added: “We have driven ADNOC in the Ruwais Diyab concession, which
the de-risking of Abu Dhabi’s unconventional covers around 6,000 square km in Al Dhafra,
oil resources and look forward to building on close to the state firm’s main existing onshore
this with Petronas to realise the full potential of gas-processing facilities.
Unconventional Onshore Block 1.” In a statement to press, ADNOC said that
Following a successful appraisal phase, the the delivery of gas “is an important step towards
parties’ have the option to form a 30-year pro- ADNOC’s target of producing 1bn cubic feet
duction concession, with ADNOC having the (28mn cubic metres) of gas from the concession
customary option to take a stake in this phase, before 2030”.™

P8 www. NEWSBASE .com Week 49 07•December•2022