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Japan s Cosmo Wins UAE Drilling Rights
Feb 10, 2021 12:50:pm
Summary
Cosmo is the latest foreign investor to secure a concession in the UAE s latest bidding round, which kicked off in May 2019.
by: Joe Murphy
Posted in:
Japan s Cosmo Wins UAE Drilling Rights
Japanese oil firm Cosmo has won an exploration concession for the Offshore Block 4 off the UAE, Abu Dhabi s national oil company Adnoc reported on February 10.
Cosmo will have a 100% share of the project during the exploration phase, spending up to $145mn on drilling and a participation fee. If a commercial discovery is made, Cosmo will have a right to a production concession lasting up to 35 years. Adnoc will have the option to take a 60% stake in the project at this stage. ....

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