Abu Dhabi National Petroleum Company and Petronas signed the agreement on Abu Dhabi Unconventional Onshore Block 1. The block is located in Al Dhafra area of the Emirate, with an area of more than 2000 square kilometers. The award awarded to Petronas launched the first unconventional oil concession in the Middle East.

We are very happy to cooperate with Petronas on this historic unconventional oil concession, said Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC. This award has opened a new chapter of strategic energy cooperation in the long-term relationship between the United Arab Emirates and Malaysia, and consolidated the position of the United Arab Emirates as a trusted investment destination. Under a six-year concession agreement, Petronas will hold 100% of the shares and operating rights to explore and evaluate unconventional oil in Unconventional Onshore Block 1.

The concession agreement was signed by Dr. Al Jaber and Datuk Tenggu Muhammad Taufik, President and Group CEO of Petronas. President Sheikh Mohammed of the United Arab Emirates and King Abdullah Sultan Ahmed Shah of Malaysia witnessed the signing ceremony. "As one of the oil and gas producing countries with the lowest carbon intensity, ADNOC will continue to release the value of Abu Dhabi's rich hydrocarbon resources responsibly in a reliable and sustainable way to promote local economic growth and support global energy security, which is in line with the wise instructions of the leadership of the United Arab Emirates," said Dr. Al Jaber. Therefore, we have promoted the risk reduction of unconventional oil resources in Abu Dhabi, and look forward to realizing the full potential of unconventional onshore Block 1 together with Petronas on this basis.

After the successful evaluation stage, these entities can enter the production concession for 30 years from the concession granted to Petronas for the first time, and ADNOC can choose to hold 50% shares. The agreement will enable Petronas to contribute to the ongoing 3D large-scale seismic survey conducted by ADNOC, which has acquired seismic data in the concession area. Keywords: overseas news, engineering news

Mr. Taufik said: "This partnership is a strong proof of the profound unconventional expertise we have accumulated in Canada and Argentina over the past decade. We look forward to bringing this experience to Abu Dhabi's world-class resources. It will also see Petronas expand its global unconventional energy footprint and include the United Arab Emirates in its existing portfolio.Editor/Xing Wentao