Today's Edition
ABU DHABI (ALETIHAD)
The Supreme Council for Financial and Economic Affairs (SCFEA) has granted a new oil and gas exploration concession in Onshore Block 2, located within the Al Dhafra region of Abu Dhabi, to Petroliam Nasional Berhad (PETRONAS), the Malaysian national oil and gas company.
The Onshore Block 2 concession is the third exploration concession awarded to PETRONAS, which underlines Abu Dhabi’s position as a trusted and attractive investment destination for global investments in the energy sector, as a result of its advanced infrastructure.
The agreement grants PETRONAS 100 percent of the exploration concession rights in Onshore Block 2, which spans an area of 7,320 square kilometres.
The exploration operations will utilise advanced technology and artificial intelligence (AI) solutions, which will contribute to maximising the potential benefits derived from Abu Dhabi's energy resources.
This concession award comes after the successful completion of Abu Dhabi’s first and second exploration concession bid rounds launched in 2018 and 2019, resulting in the award of 11 blocks to leading international partners in the energy sector.
The award comes in line with the Emirate’s financial, investment, economic, petroleum, and natural resources policies which fall under the supervision of SCFEA which it is tasked with the mandate of instilling rigorous performance monitoring and precise policy implementation.
SCFEA remains actively engaged in direct collaboration with key strategic investment entities in Abu Dhabi to realize the objectives of Abu Dhabi’s vision and ensure a bright and sustainable future for generations to come.
