Abu Dhabi launches first-ever bidding for 6 oil and gas blocks

Adnoc will make available 6 new onshore and offshore blocks for competitive bid within Abu Dhabi. Our estimates suggest that these new blocks contain substantial amounts of hydrocarbons. 

Out of the 6 new blocks, 4 are onshore and two offshore. In total, the 6 blocks comprise an area of 30,000 square kilometres. Successful bidders will gain the rights to explore for oil and gas. Partners will have the opportunity, alongside Adnoc, to develop and benefit from any discoveries throughout their lifecycle.

It will start from Abu Dhabi on April 23. Registration is open now. The closing date for receipt of bids will be in October. The first bid round is planned to conclude this year with announcement of successful bidders.

Let the bidding war begin. 

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thanks for this! good to know. who's going to bid?

ADNOC's on a role in 2017/18. They had a massive IPO of their fuel distribution arm in December and raised over $850 million. 

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1 minute ago, TraderTate said:

thanks for this! good to know. who's going to bid?

ADNOC's on a role in 2017/18. They had a massive IPO of their fuel distribution arm in December and raised over $850 million. 

Currently no word on who will be bidding - registrations are still open. Hope to find some news after registration closes. 

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Just wondering if you had the inside scoop ... 

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This is really a good step and it will open a door of new opportunities for Abu Dhabi. now they open their oil economy for foreign players. Good move and have strategic value for diversifying international partnership

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How much oil do these offshore facilities hold? UAE in general has about 40GBL oil left. How much addition will these make (roughly)?

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1 hour ago, kshithij Sharma said:

How much oil do these offshore facilities hold? UAE in general has about 40GBL oil left. How much addition will these make (roughly)?

According to their website, "estimates suggest these new blocks hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas." You can follow the link below. 

https://www.adnoc.ae/en/block-bid/round-1-blocks

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