Adnoc to offer new oil blocks for commercial bidding

08 March 2018
The Abu Dhabi oil firm plans to invite bids for new blocks as part of upstream growth strategy

The Abu Dhabi National Oil Company (Adnoc) is planning to tender new crude oil blocks in Abu Dhabi as part of its upstream growth strategy.

Adnoc’s chief executive and UAE Minister of State Sultan al-Jaber said during the CERAWeek industry event in Houston, US, that Adnoc's existing partners as well as new players will be invited to bid.

The announcement to expand its upstream activity comes at a time when Adnoc is halfway through awarding the new concession licenses for Abu Dhabi’s offshore oil blocks.

Al-Jaber referred to the fragmentation of the Adnoc Offshore blocks, formerly the Adma-Opco concession, as evidence of Adnoc’s drive to maximise commercial value from its upstream assets, a goal of its Vision 2030 strategy.

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