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UAE Grants New Oil and Gas Exploration Concession to PETRONAS
By KlickAnalytics Data Insights | October 2, 2024 01:00PM ET
- PETRONAS will have 100% concession rights spanning over 7,320 square kilometres
- Advanced technology and AI solutions will be used to maximize energy resource benefits in Abu Dhabi
In an exciting development, the UAE's Supreme Council for Financial and Economic Affairs has granted a new oil and gas exploration concession in Onshore Block 2 within the Al Dhafra region of Abu Dhabi to the Malaysian national oil and gas company PETRONAS. This agreement allows PETRONAS to have full control over the exploration rights in Onshore Block 2, which covers an area of 7,320 square kilometres. Utilizing advanced technology and AI solutions, the exploration operations aim to maximize the benefits derived from Abu Dhabi's energy resources.
This marks the third exploration concession awarded to PETRONAS, showcasing Abu Dhabi's reputation as a trusted and appealing investment destination in the energy sector. The concession award follows the successful completion of Abu Dhabi's first and second exploration concession bid rounds in 2018 and 2019, resulting in the allocation of 11 blocks to international partners. The SCFEA emphasized that the award aligns with the Emirate's financial, investment, economic, petroleum, and natural resources policies, falling under the supervision of SCFEA to ensure rigorous performance monitoring and precise policy implementation.
The UAE authority highlighted that SCFEA remains actively involved in collaborating with key strategic investment entities in Abu Dhabi to achieve the objectives of Abu Dhabi's vision and secure a sustainable future for generations to come. It is worth noting that PETRONAS has also expressed plans for potential expansion in the Egyptian market through its global lubricants manufacturing and marketing arm, PETRONAS Lubricants International (PLI), earlier this year.
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