Malaysia’s Petronas signed up to the UAE’s first unconventional oil concession on 5 December at a signing ceremony in Abu Dhabi witnessed by UAE President Sheikh Mohammed bin Zayed Al Nahyan and Malaysia’s King Al-Sultan Abdullah Sultan Ahmad Shah.

Petronas will hold a 100% stake at Unconventional Onshore Block 1 during the six-year exploration and appraisal phase at the license. Following a successful appraisal phase, Petronas and Adnoc can enter a 30-year production concession from the date of the first award, with Adnoc having the option to hold a 50% stake in the production concession. (CONTINUED - 855 WORDS)