Japan’s Cosmo Oil is the latest firm to be awarded exploration acreage in Adnoc’s licensing rounds. The firm was awarded Offshore Block 4 on 10 February, and intends to capitalize on synergies with its existing assets offshore Abu Dhabi (see map).
Cosmo will hold a 100% stake in the exploration phase through its wholly-owned Cosmo Albahriya subsidiary, and has committed to investing up to $145mn towards exploration and appraisal drilling. Adnoc retains the right to take a 60% stake in the production phase, should there be a commercial discovery. This phase would last for 35-years from the commencement of the exploration phase. (CONTINUED - 724 WORDS)