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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 ($ 176 million) in the block, said ADNOC.
JODCO Exploration Limited, a wholly owned subsidiary of INPEX, will hold and manage the interest in the concession on behalf of INPEX.
The block covers a coastal area of 6,116 square kilometers, said ADNOC, and contains two undeveloped oil and gas fields, Ramhan and Hudairat.
This is the latest of the blocks proposed in April 2018 as part of Abu Dhabi's first exploration and licensing cycle.
In January, ADNOC awarded the Offshore 1 and Offshore 2 exploration blocks to a consortium led by the large Italian oil group Eni and Thailand's PTTEP.
In February, he awarded Block 3 of Occidental Petroleum (1 USD = 3.6728 dirham of the United Arab Emirates) (report by Nafisa Eltahir, edited by Emelia Sithole-Matarise)
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