Abu Dhabi National Oil Co. has launched its first competitive oil and gas licensing round, offering four onshore and two offshore blocks that cover nearly 30,000 sq km.
The company has opened a web site dedicated to the round where interested bidders can register and begin what ADNOC describes as “a strict prequalification process.”
The web site provides details of a global roadshow of technical and commercial information on the blocks, to which prequalified bidders will be invited.
After the roadshow, bidders will submit expressions of interest and be able to buy a data package that includes bidding instructions and geological information, with well and seismic data.
Successful bidders will enter agreements granting exploration rights and, if exploration-phase targets are achieved, the opportunity to develop discoveries “under terms that will be set out in the bidding package.”
Block sizes are 2,500-6,300 sq km.
ADNOC says some of the blocks have discoveries. The combined area, it says, has 310 “targeted reservoirs from 110 prospects and leads.” Some blocks have unconventional resource potential.
ADNOC will accept bids until October and announce results by yearend.
Until now, ADNOC has worked with international oil and gas companies through negotiated joint ventures.
A press release said competitive licensing “is consistent with ADNOC’s approach to expanding its strategic partnerships across all areas of its business.”
