Dubai: The Abu Dhabi National Oil Company (Adnoc) has rolled out the second bid round for further exploration of oil and gas across the UAE capital.
The latest bid round is for five major onshore and offshore blocks spanning approximately 34,000 square kilometres and follows the debut bid in March. Put together, the areas covered in the two biddings cover approximately two-thirds of Abu Dhabi's territory.
Adnoc said this marks a “major advancement in how Abu Dhabi is accelerating the exploration and development” of its untapped resources.
Studies have suggested that the sites could contain significant amounts of conventional and unconventional oil and gas resources.
Bidders who will be selected during the latest competitive bid round will earn the rights to explore, develop and produce discoveries.
Out of the five locations open for bidding, three are located offshore and two are onshore. They are known as Offshore Block 3, Offshore Block 4, Offshore Block 5, Onshore Block 5 and Onshore Block 2.