Abu Dhabi state firm Adnoc awarded a consortium of Indian state firms Bharat Petroleum Corporation and Indian Oil Corporation (IOC) the ‘Onshore-1’ concession on 25 March. The partners will invest up to AED626mn ($170mn) in the exploration phase, which if successful will lead to a production phase in which Adnoc can take 60%. The concession is for 35 years.
Onshore-1 covers 6,162 km² around Ruwais in western Abu Dhabi, where the Indian consortium will seek to develop conventional oil and gas reserves. It overlays the same acreage as the Ruwais Diyab Unconventional Gas Concession awarded to Total (40%) in November (MEES, 16 November). (CONTINUED - 891 WORDS)