Abu Dhabi National Oil Co. (ADNOC) has issued details of six blocks offered under Abu Dhabi’s first competitive exploration and production bid round.
Two are offshore and four are onshore, and the blocks cover a total area of almost 30,000 sq km (11,583 sq mi).
The successful bidders will enter into agreements granting exploration rights. Assuming they achieve their defined targets in the exploration phase, they will be given the opportunity to develop and produce any discoveries with ADNOC.
ADNOC CEO H.E. Dr Al Jaber said: “The launch of these large new licensing blocks is an important step for Abu Dhabi and ADNOC as we develop and apply new strategies to realize the full potential of our resources, maximize value through competitive bidding, and accelerate the exploration and development of new commercial opportunities.
“This approach is central to our expanded partnership strategy, which aims to introduce new opportunities as we broaden and diversify our partnership base… This is a rare and exciting opportunity, for both existing and new partners, in a secure and stable investment environment.”
The UAE claims to be the world’s seventh largest oil producer, with around 96percent of its reserves within the emirate of Abu Dhabi.
There is thought to be extensive undiscovered and undeveloped potential in numerous stacked reservoirs. Based on petroleum system studies, seismic surveys, log files and core samples from hundreds of appraisal wells, the new blocks could contain multiple billion barrels of oil and multiple tcf 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.
ADNOC plans a road show, with bidders invited to purchase a comprehensive data package on the six blocks, which includes regional geological information and well/seismic data, in both raw and interpreted form.
The closing date for submitting bids will be in October.
In a separate development, the company’s subsidiary ADNOC Drilling has held a ceremony to confirm the graduation of 333 Emiratis from its Drilling Training Center.
This intake swells the number of graduates from the center to 1,000 UAE nationals. ADNOC is aiming to build a skills base of personnel to capitalize on advances in digitization in drilling and other operations.
The Drilling Training Center is said to be unique in the Middle East region, offering industry-specific training programs and customized courses that address the latest in industry thinking and operations.
The drilling rig simulation system helps familiarize trainees with the well-control operations on a rig, and introduces them to the work environment in the drilling locations.