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ADNOC awards exploration rights for onshore block to Indian consortium

The Abu Dhabi National Oil Co. announced it has signed agreements for the award of exploration rights for Abu Dhabi onshore block 1 to a consortium of Indian firms comprised of Bharat Petroleum Corp. Ltd. and Indian Oil Corp. Ltd.

The consortium will hold a 100% stake in the exploration phase and is expected to invest US$170 million, including a participation fee, to explore and appraise oil and gas opportunities in the block.

ADNOC has the option to hold a 60% stake in the production phase.

Onshore block 1, which is largely situated in Ruwais, covers 6,162 square kilometers and includes already discovered but undeveloped conventional oil and gas fields.