PETRONAS Abu Dhabi Sdn Bhd, a wholly owned subsidiary of PETRONAS, has signed a historic agreement with ADNOC to explore and evaluate Unconventional Onshore Block 1 covering a concession area of 2,000 square kilometres in the Al Dhafra region.
“I pay tribute to the role of the Yang di-Pertuan Agong, Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah who is the main driving force behind the success of this effort.
“The signing of this cooperation is a reflection for us to build more precise international relations and forge strategic cooperation with various countries when the world is in recovery after COVID-19 and the uncertainty of the global economy,” he said in a post on Facebook today.
Anwar, who is also the Finance Minister, said he welcomed the historic agreement and had full confidence that local companies and talents would be able to take the lead and explore ideas and opportunities to compete at the global level.
PETRONAS will hold 100 per cent equity and control to explore and evaluate unconventional oil in the concession area for a period of up to six years.
After a successful evaluation phase, partners can enter a production concession in which ADNOC has the option to hold a 50 per cent stake.
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