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DUBAI, March 17 (Reuters) – The national oil company of Abu Dhabi (ADNOC) has awarded Inpex Corp., a Japanese company, an onshore exploration concession under a call for tenders. Offers competitive, said ADNOC in a statement.
Inpex will hold a 100% stake in the exploration phase, while ADNOC has the option of holding a 60% stake in the production phase of the concession, the statement said.
The 35-year concession concerns Onshore Block 4. Inpex will invest up to 646 million dirhams of the United Arab Emirates ($ 175.89 million) in the block, said ADNOC. (1 $ = 3.6728 United Arab Emirates dirham) (report by Nafisa Eltahir, edited by Emelia Sithole-Matarise)
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