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Japan’s Cosmo awarded Abu Dhabi offshore exploration rights

Japan imports about 30% of its crude oil from the UAE.

Japan’s Cosmo awarded Abu Dhabi offshore exploration rights

Abu Dhabi, February 11 - Neftegaz.RU. UAE´s ADNOC awarded a key offshore exploration block to Japan’s Cosmo Energy Holdings.
The term of the block’s production phase will be for a period of 35 years from the commencement of the exploration phase.

It is expected that Cosmo, which will hold a 100% stake in the exploration phase of Offshore Block 4, will invest up to $145 million in exploration and appraisal drilling in an area covering 4,865 to the north of Abu Dhabi.

In case of a successful commercial discovery during the exploration phase, Cosmo will have the right to a production concession to develop and produce such commercial discoveries. ADNOC has the option to hold a 60% stake in the production phase of the concession.

UAE minister of industry and ADNOC CEO Sultan Ahmed Al-Jaber said:
  • This concession award builds on our long-standing relationship with Cosmo and reinforces the deep-rooted and successful strategic relationship between the UAE and Japan, ADNOC’s largest importer of oil and gas products
  • Cosmo was selected after a very competitive bid round. They bring expertise and understanding of our offshore environment, technology, and market access – key ingredients that underpin ADNOC’s targeted approach to strategic partnerships, which is enabling us to maximize value from our assets & resources as we continue to deliver on our 2030 strategy
Cosmo is the latest foreign investor to secure a concession in the UAE's latest bidding round, which kicked off in May 2019.
The Japanese company is the 3rd concession winner from ADNOC’s 2nd international onshore & offshore bidding round.
Occidental and a consortium of Italy’s Eni and Thailand’s PTTEP already won blocks in the round.

Source : Neftegaz.RU

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