The Abu Dhabi National Oil Company (ADNOC), on behalf of the Supreme Petroleum Council (SPC), has announced the details of the first round of competitive bidding for six oil and gas exploration, development and production areas, as part of Abu Dhabi's new area licensing strategy. This follows the announcement last month by H.E. Dr. Sultan Ahmed Al Jaber, Minister of State and CEO of ADNOC and its group companies, that Abu Dhabi will offer new areas for exploration and production for the first time through competitive bidding.

The new licensing strategy marks a significant advancement in ADNOC's efforts to enhance the value of hydrocarbon resources and create new opportunities. <The new licensing strategy is a major advancement in ADNOC's efforts to enhance the value of hydrocarbon resources and create new opportunities, and is in line with ADNOC's approach to expand strategic partnerships across all areas of the business. Successful bidders will enter into agreements that grant them the right to prospect and explore, and if they meet the targets set in the exploration phase, they will have a potential opportunity to develop and produce from the new discoveries in partnership with ADNOC on terms that will be specified in the bid instruction package.

On this occasion, ADNOC is pleased to announce that the new licenses have been awarded to ADNOC. <His Excellency Dr. Sultan Ahmed Al Jaber said: “In line with the directives of our leadership, ADNOC continues to maximize the value of our hydrocarbon resources. The issuance of exploration and exploitation licenses in new areas is a very important step for Abu Dhabi and ADNOC, as we work through innovative strategies to optimize resources and enhance value by issuing licenses through competitive bidding, as well as accelerating the exploration and development of new commercial opportunities.”

H.E. Dr. Sultan Ahmed Al Jaber added: “This is an important milestone for ADNOC and Abu Dhabi. <”This key step is part of our partnership expansion strategy to open up new opportunities as we continue to expand and diversify our partnerships. In addition, as we begin to expand our downstream portfolio, the new area licenses will further enhance our long-term production and growth ambitions, building on our achievements as a leading upstream player.“

The UAE is a leading exploration, development and production (E&P) player. <The UAE is the world's seventh largest oil producer, with approximately 96% of its reserves in the Emirate of Abu Dhabi. There remains unexplored and undeveloped potential in several oil and gas-rich reservoirs, located in one of the world's largest hydrocarbon basins.