UAE's ADNOC offers 6 blocks in first oil, gas licensing round

UAE's ADNOC on Tuesday launched its first competitive bidding round for six major onshore and offshore blocks that cover an area of almost 30,000 square kilometres to unlock untapped energy resources.

The company plans to conclude the bidding round for two offshore and four onshore acreages this year after closing bids in October, it said in a statement.

Registration for the bidding has commenced with roadshows planned on April 23 in Abu Dhabi, April 26 in Houston and May 8 in Hong Kong.

Bidders are expected to confirm their participation through an expression of interest (EoI) after the road shows, the oil major said.

Successful bidders will be given exploration rights, provided defined targets and will be granted the opportunity to produce any discoveries along with ADNOC.

Some of the blocks already have discoveries and there are 310 target reservoirs from 110 prospects and leads, the company said.

Earlier this month, Bahrain said it had discovered the country’s largest oilfield since it started production in 1932, which contains "substantial levels of tight oil and deep gas.”