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.