Abu Dhabi Plans First Competitive Tender for Oil, Gas Blocks
- U.A.E.’s Adnoc seeks interest in bids to explore at 6 blocks
- Bidders will have to pay for exploration: Adnoc CEO Jaber
Sultan Ahmed Al Jaber, chief executive officer of Abu Dhabi National Oil Co.
Photographer: F. Carter Smith/BloombergThis article is for subscribers only.
Abu Dhabi National Oil Co. will issue its first competitive tender for partners to explore for and develop oil and natural gas as the government-owned producer seeks new ways to increase production in the United Arab Emirates.
Bidding for four onshore and two offshore blocks will probably be completed by October, and Adnoc should select the winners by the end of the year, Chief Executive Officer Sultan Ahmed Al Jaber said Tuesday at a news conference in Abu Dhabi. The partners would have to pay for exploration, and once production starts, Adnoc would take a 60 percent stake, he said.