ADNOC awarded Occidental Petroleum Onshore Block 3, the first onshore block to be awarded under ADNOC’s new licensing strategy. Oxy will receive a 35-year concession and hold a 100% stake in the exploration phase, in which it will invest $244 million. Existing 3D seismic data already covers a large part of the block. This, combined with its proximity to the Shah, Asab, Haliba, and Sahl fields, suggests promising potential for the concession. Once commercial feasibility has been established, Occidental will have the opportunity to develop and produce any discovery, with ADNOC holding a 60% share of production.
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