Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) has awarded a new oil and gas exploration concession in Onshore Block 2, situated in the Al Dhafra region of Abu Dhabi, to Petroliam Nasional Berhad (Petronas), the national oil and gas company of Malaysia.
Strengthening investment confidence
This concession for Onshore Block 2, Abu Dhabi Media Office reported, marks the third exploration contract granted to Petronas, reinforcing Abu Dhabi’s reputation as a desirable and reliable investment hub for global energy sector investments, largely due to its sophisticated infrastructure.
Comprehensive exploration rights
Under this agreement, Petronas will hold 100 percent of the exploration rights for Onshore Block 2, which encompasses an area of 7,320 square kilometers. The exploration efforts will leverage cutting-edge technology and artificial intelligence solutions, aimed at maximizing the benefits from Abu Dhabi’s energy resources.
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Building on past success
Furthermore, this concession follows the successful conclusion of Abu Dhabi’s first and second exploration concession bid rounds conducted in 2018 and 2019, which resulted in the allocation of 11 blocks to prominent international energy partners.
Commitment to sustainable development
Moreover, the award aligns with the Emirate’s policies on finance, investment, economy, petroleum, and natural resources, all overseen by SCFEA. In addition, the council is dedicated to rigorous performance monitoring and effective policy implementation, actively collaborating with key strategic investment entities in Abu Dhabi to fulfill the objectives of the Emirate’s vision and ensure a prosperous and sustainable future for generations to come.
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