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UAE, Malaysia sign historic oil deal: Report

UAE, Malaysia sign historic oil deal: Report
Deal marks first time that a Malaysian company will invest in and explore for hydrocarbons in Abu Dhabi

By Hamdi Yildiz

ABU DHABI, United Arab Emirates (AA) – Abu Dhabi National Oil Company (Adnoc) and Malaysia’s state-owned oil and gas giant Petronas signed a historic deal for the exploration and appraisal of Abu Dhabi’s first-ever onshore unconventional oil block, local media reported Monday.

Emirates news agency WAM reported that 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 pioneering award to Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil concession,” the agency added.

According to the agency, the deal marks the “first time a Malaysian company will invest in and explore for hydrocarbons in Abu Dhabi.”

The six-year term agreement will allow Petronas to hold a 100% stake and operatorship to explore for and appraise unconventional oil in 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,” the agency cited the UAE’s Industry and Advanced Technology Minister and CEO of Adnoc, Sultan bin Ahmed Al Jaber, as saying.

The Emirates’ news agency said that 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.



source: News Feed
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