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INPEX unit awarded Abu Dhabi onshore block

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INPEX unit awarded Abu Dhabi onshore block

Japan's Inpex Corp. disclosed March 18 that its subsidiary JODCO Exploration Ltd. was awarded onshore block 4 in Abu Dhabi, which makes the company the project operator. The company submitted a bid for the block during the 2018 Abu Dhabi block bid round.

INPEX will explore the block, which is about 6,116 square kilometers, for hydrocarbon potential. There are two existing undeveloped oil and gas fields in the concession area called Ramhan and Hudairiat, according to the Abu Dhabi National Oil Co.

The state-controlled company said INPEX was awarded a 35-year concession and is expected to invest $176 million during the exploration phase.

The block is in a coastal area in the central part of the Emirate of Abu Dhabi and is near oil production infrastructure.

ADNOC said it has the option to own a 60% stake in the production phase of the concession.