Inpex Corp. has received exploration rights to 6,116-sq km Block 4 in Abu Dhabi from Abu Dhabi National Oil Corp.
With a 100% interest in the exploration phase, Inpex will invest as much as $176 million, including a participation fee, to explore the area between Abu Dhabi city and the boundary with Dubai and to assess two undeveloped discoveries, Ramhan and Hudairiat.
Inpex will drill wells and contribute financially and technically to an ADNOC seismic survey encompassing the area.
Block 4 is near onshore Al Dabbi’ya and Rumaitha and offshore Umm Al Dalkh oil fields.
Jodco Exploration Ltd., a wholly owned Inpex subsidiary, will hold and manage the interest.
Inpex will receive the opportunity to develop and produce any commercial discoveries during a production phase in which ADNOC has the option to back in for a 60% stake.
Block 4 is the fourth concession awarded in Abu Dhabi’s first competitive bid round, which offered six blocks (OGJ Online, Feb. 4, 2019).
