UAE's ADNOC awards new onshore concession to Japan's Inpex

Abu Dhabi National Oil Company (ADNOC) has awarded onshore block exploration rights to Japan’s Inpex Corporation for $176 million (AED 646 million), as part of its first ever block bidding strategy, the oil major said in a statement on Sunday.

Jodco Exploration Limited, a subsidiary of the Japanese firm, will hold and manage 100 percent interest in the Onshore Block 4 during the exploration stage, which covers an area of 6,116 square kilometers, as part of its 35-year concession pact.

Following exploration activities and appraisal of the existing discoveries, Inpex will have the opportunity to develop and produce any commercial discoveries.

ADNOC has the option to hold a 60 percent stake in the production phase of the concession, the statement said.