UAE, Malaysia sign historic oil deal
ABU DHABI, United Arab Emirates (AA) – Abu Dhabi National Oil Company (Adnoc) and Malaysia’s state-owned oil and gas giant Petronas have signed a historic deal for the exploration and assessment of Abu Dhabi’s first-ever onshore unconventional oil block.
UAE President Mohamed bin Zayed Al-Nahyan and Malaysian King Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah witnessed the signing ceremony between Adnoc and Petronas for Abu Dhabi’s Unconventional Onshore Block 1.
The six-year term agreement will allow Petronas to hold a 100% stake and operatorship in the Unconventional Onshore Block 1, which covers an area of more than 2,000 square kilometers in the Al Dhafra region.
“We are delighted to partner with Petronas on this historic unconventional oil concession,” UAE’s Industry and Advanced Technology Minister and CEO of Adnoc, Sultan bin Ahmed Al Jaber, said.
Abu Dhabi’s unconventional recoverable oil resources are assessed at 22 billion barrels of very light and sweet crude, comparable to Adnoc’s flagship lower-carbon Murban grade.
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