LNG

Dec 10 (LNGJ) - Abu Dhabi National Oil Co. (Adnoc) signed an exploration concession agreement for onshore Block 5 with Occidental Petroleum of the US, the company which sold the Mozambique LNG project to French major Total after acquiring it with its Anadarko Petroleum acquisition in 2019.

   The award has been approved by Abu Dhabi’s Supreme Petroleum Council (SPC) and follows the SPC’s endorsement in November of Adnoc awarding exploration blocks in Abu Dhabi’s second competitive block bid round. Occidental will hold a 100 percent stake in the exploration phase, investing up to 514 million United Arab Emirates dirhams ($140 million), including a participation fee, to explore for and appraise oil and gas opportunities in the block that covers an onshore area of 4,212 square kilometres southeast of Abu Dhabi city.