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UAE: Inpex takes onshore block

Abu Dhabi National Oil Company (Adnoc) has awarded the exploration rights for Onshore Block 4 to Japan’s Inpex Corporation, which will invest up to Dh646m ($176m) in the exploration phase, including a participation fee. The 35-year concession deal covers an area of 6,116 km2, running from Abu Dhabi city to the border with Dubai. Under the terms of the agreement, signed in Abu Dhabi on 17 March, Adnoc has an option to take a 60% stake in any production phase. Adnoc says the block has “very promising potential”.

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