Occidental Petroleum Corp.

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ADNOC Awards Occidental Onshore Exploration Block in Abu Dhabi’s Second Block Bid Round

Published: 12/09/2020 07:20 GMT
Occidental Petroleum Corp. (OXY) - Ric:adnoc.
Ul]:adnoc Awards Occidential Onshore Exploration Block in Abu Dhabi's Second Competitive Block Bid Round.
Occidental Awarded Exploration Concession and Will Invest Up to Aed 514 Million ($140 Million) During Exploration Phase,.
Occidental Awarded With a Right to a 35-year Production Concession in Event of a Discovery.
Occidental Will Hold a 100 Percent Stake in Exploration Phase, Investing Up to Aed 514 Million ($140 Million), Including a Participation Fee.
Following a Successful Commercial Discovery During Exploration Phase, Occidental Will Have Right to a Production Concession to Develop and Produce Such Commercial Discoveries.
In Addition to Drilling Exploration and Appraisal Wells, Exploration Phase Will See Occidental Leverage and Contribute Financially and Technically to Adnoc's Mega Seismic Survey.
Adnoc Has Option to Hold a 60 Percent Stake in Production Phase of Concession.
Onshore Block 5 Offers Potential to Create Significant In-country Value for Uae Over Lifetime of Concession.