UAE’s ADNOC signs onshore exploration concession agreement with Occidental

Abu Dhabi National Company (ADNOC) said on Wednesday it had signed an exploration concession agreement with Occidental Petroleum Corp for onshore block 5.

Occidental will have a 100 percent stake in the exploration phase and will invest up to 514 million dirhams ($140 million), including a participation fee, it said.

The block covers 4,212 square kilometer southeast of Abu Dhabi city.