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24 February 2021 12:56 GMT Updated 24 February 2021 12:56 GMT in New Delhi US independent Occidental Petroleum has made a hydrocarbon discovery in Abu Dhabi’s Onshore Block 3 that was awarded to the operator in 2019 as a part of the Emirate’s first ever licensing round. Occidental’s chief executive Vicky Hollub said during the company’s fourth-quarter earnings call on Tuesday that the company has “made a multi-reservoir discovery in Block 3”. “We still have more exploration and appraisal work to complete, but are highly encouraged by the results to date,” she said. However, Hollub did not further elaborate on the potential of the new find. ....
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. ....
10 February 2021 12:54 GMT Updated 10 February 2021 12:54 GMT in New Delhi Abu Dhabi’s National Oil Company (Adnoc) has awarded a key offshore exploration block to Japan’s Cosmo Energy Holdings, as a part of its second licensing round that was launched in 2019. The state-owned giant said on Wednesday it has awarded the exploration rights for Abu Dhabi’s Offshore Block 4 to Cosmo E&P Albahriya, which is a wholly owned subsidiary of Japan’s Cosmo Energy Holdings. “The award has been approved by Abu Dhabi’s newly formed Supreme Council for Financial & Economic Affairs (SCFEA) and marks the first of such awards endorsed by the SCFEA,” Adnoc added. ....
Dr Al Jaber said global consumption is expected to recover to 105 million bpd by 2030. “We are a long-term player. The future will require more oil and more hydrocarbon resources . being the lowest-cost producer will always give us a competitive edge,” he said. The UAE is part of the 23-member Opec+ alliance of producers that agreed to curb output by a record 9.7 million bpd last year to rebalance oil markets. The curbs have since been eased to 7.2 million bpd and Dr Al Jaber said the “interim” measures are not in conflict with Adnoc’s long-term goals. The country, Opec s third-largest producer, has invested heavily in the exploration of new oil and gas resources in recent years. ....