Abu Dhabi grants new oil, gas exploration rights to Malaysia's Petronas

The exploration operations will utilise advanced technology and artificial intelligence solutions

A Staff Reporter

Published: Thu 26 Sep 2024, 3:26 PM

Last updated: Thu 26 Sep 2024, 3:34 PM

Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) has granted a new oil and gas exploration concession to Petroliam Nasional Berhad (Petronas), the Malaysian national oil and gas company.

The concession is in Onshore Block 2, located within the Al Dhafra region of Abu Dhabi. This is the third exploration concession awarded to Petronas.

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The agreement grants Petronas 100 per cent of the exploration concession rights in Onshore Block 2, which spans an area of 7,320sqkm. The exploration operations will utilise advanced technology and artificial intelligence solutions, which will contribute to maximising the potential benefits derived from Abu Dhabi’s energy resources.

This concession award comes after the successful completion of Abu Dhabi’s first and second exploration concession bid rounds launched in 2018 and 2019, resulting in the award of 11 blocks to leading international partners in the energy sector.

The award comes in line with the emirate’s financial, investment, economic, petroleum, and natural resources policies which fall under the supervision of SCFEA, which is tasked with the mandate of instilling rigorous performance monitoring and precise policy implementation.

"SCFEA remains actively engaged in direct collaboration with key strategic investment entities in Abu Dhabi to realise the objectives of Abu Dhabi’s vision and ensure a bright and sustainable future for generations to come,” a statement said.