Supreme Council for Financial and Economic Affairs awards 3 oil and gas production concessions to ADNOC and partners
ABU DHABI (ALETIHAD)The Supreme Council for Financial and Economic Affairs (SCFEA) has awarded three separate production concession agreements to ADNOC and its strategic partners.The council awarded a production concession agreement to ADNOC and Japan's JODCO Exploration Limited (JEL), a subsidiary of INPEX Corporation, in respect of Onshore Block 4 in Abu Dhabi. JEL will hold a 40 percent participating interest in the concession area, while ADNOC will hold the remaining 60 per cent. The concession lies north of Abu Dhabi City.The council also awarded a production concession agreement to ADNOC, ENI Abu Dhabi B.V. (ENI), and PTTEP MENA Limited (PTTEP) in respect of Offshore Block 2 in Abu Dhabi. ENI and PTTEP will hold 28 percent and 12 percent participating interests, respectively, in the concession area, while ADNOC will hold the remaining 60 percent. The production concession is located offshore to the west of the Ghasha field, focusing primarily on conventional gas resources.The council has also awarded a production concession agreement to ADNOC and Pakistan International Oil Limited (PIOL) in respect of Offshore Block 5 in Abu Dhabi.PIOL will hold a 40 percent participating interest in the concession area, while ADNOC will hold the remaining 60 percent. The production concession is located offshore near the Zakum field, primarily producing conventional oil resources.These concessions are part of a broader strategy to enhance the sustainability of Abu Dhabi's economy, ensuring that its resources continue to create value for future generations while supporting the UAE's long-term economic growth and stability.Since its inception, SCFEA has been central to shaping the emirate's policies related to financial, investment, economic, petroleum, and natural resources. The council oversees the implementation of these policies, ensuring they align with broader strategies, and monitors the performance of relevant entities within the oil and gas sector, including ADNOC.
SCFEA is committed to supporting Abu Dhabi's objectives to ensure a bright and sustainable future for generations to come.
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