Emirates News, UAE News “MEED”: “ADNOC” leads the discovery of unconventional oil resources in the region. Emirates Source of News – UAE – The statement with details of the news “MEED”: “ADNOC” leads the discovery of unconventional oil resources in the region:
“MEED” published a report on the current efforts to discover unconventional oil and gas resources in the region, confirming that these efforts are witnessing remarkable and unprecedented momentum that ADNOC has led since the end of last year, when it announced the “Al-Dhiab Basin” unconventional gas concession. The report stated that this momentum opens the way for new opportunities for the production sector in the oil and gas industry in the region.
The report stated that national oil and gas companies in the region, led by ADNOC, have shown enthusiasm for several years for the commercial exploitation of unconventional hydrocarbon resources in the region, but they have not made much progress in this regard, due to cost difficulties and technical challenges.
The report added that ADNOC in particular had taken the lead in overcoming these difficulties and challenges in the region, when in 2015 it launched its program to discover unconventional hydrocarbon resources in Abu Dhabi and reduce the risks associated with the discovery process. The report emphasized that “ADNOC” began working diligently since that time in this regard, which paid off the desired results, represented by the announcement of the “Al-Dhiab Basin” concession at the end of last year.
On November 11, ADNOC entered into a concession agreement with the French company, Total, according to which the latter would acquire a 40% stake in the Al-Thiyab Basin for unconventional gas in the Ruwais area, in order to explore, evaluate and develop unconventional gas resources. ADNOC Group will retain a 60% stake in this strategic concession, which is an important step towards producing billion cubic feet per day of unconventional gas resources before 2030.
This concession is the first of its kind to be granted in the region with regard to unconventional resources, and includes an exploration and evaluation phase that lasts from 6 to 7 years, followed by a production phase for 40 years.
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