The Abu Dhabi National Oil Company (ADNOC) introduced, today, as part of Abu Dhabi's very first block licensing approach and in behalf of the Supreme Petroleum Council (SPC), the information of the initial round of six geographical oil and gas obstructs open for bidding process. This complies with the announcement last month by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group Chief Executive Officer that Abu Dhabi was to launch its first ever competitive expedition and production bid round.
The licensing strategy stands for a significant advancement in how Abu Dhabi unlocks new chances and optimizes worth from its hydrocarbon resources. It is also constant with ADNOC's method to expanding its tactical collaborations across all areas of its business.
The successful bidders will certainly participate in contracts granting exploration civil liberties and, provided specified targets are attained in the expedition stage, be approved the chance to create and produce any kind of discoveries with ADNOC, under terms that will be laid out in the bidding package.
H.E. Dr Al Jaber said: "The launch of these large new licensing blocks is a vital action for Abu Dhabi and ADNOC as we develop and use new approaches to realize the full potential of our resources, optimize value with affordable bidding and accelerate the expedition and development of new commercial opportunities.
" This strategy is central to our expanded partnership approach, which intends to present new chances as we expand and expand our partnership base. On top of that, as we begin to broaden our downstream profile, the new licensing obstructs strengthen our long term production development passions and improves our effective tradition as a leading upstream gamer. This is a rare and amazing opportunity, for both existing and new companions, in a protected and secure investment setting."
The UAE is the world's seventh largest oil producer, with around 96% of its books within the emirate of Abu Dhabi. Located in one of the world's largest hydrocarbon super-basins, there continues to be obscure and untaught potential in the many piled tanks.
Based on existing information from detailed petroleum system researches, seismic studies, log data and core examples from hundreds of evaluation wells, price quotes suggest these new blocks hold multiple billion barrels of oil and multiple trillion cubic feet of gas. Several of the blocks already have explorations, and within the combined area there are 310 targeted tanks from 110 prospects and leads. In addition to the nation's conventional oil and gas buildups, a few of the used blocks likewise have significant unique source potential.
The six blocks open for bidding process, 2 which are offshore and 4 are onshore, cover an area of in between 2,500 and 6,300 square kilometres, which, by comparison, is up to three quarters of an U.K. North Sea quadrant, containing 30 blocks. In total amount, Abu Dhabi's 6 blocks make up an area of virtually 30,000 kilometres 2.
ADNOC has established a dedicated web site - www.adnoc.ae/Block-Bid- where the company supplies information on the blocks and which has a portal where interested bidders can sign up to get involved, subject to a stringent prequalification procedure carried out by ADNOC.
The website also provides details of a global roadshow of technical and industrial information on the new blocks. After the roadshow, prospective buyers will validate their involvement via an Expression of Rate of interest and will certainly have the ability to buy a detailed data bundle on the six blocks. The information plan will include complete bidding directions and regional geological information, along with well and seismic data, in both raw and interpreted kind, on all six blocks.
Registration is open to companies with ideal proficiency and innovation that can contribute to speeding up the expedition and development of new traditional and unconventional hydrocarbon chances in Abu Dhabi.
The closing date for the invoice of bids will certainly be in October, after which ADNOC will certainly review the proposals, utilizing the standards set out in the bidding directions, and the SPC will award the effective bidders. The initial proposal round is prepared to conclude this year.
ADNOC is a major diversified group of energy and petrochemical business that creates about 3 million barrels of oil and 9.8 billion cubic feet of raw gas a day. Its integrated upstream, midstream and downstream activities are performed by 14 professional subsidiary and joint venture firms. To figure out more go to www.adnoc.ae
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