UAE – Mubasher: The Supreme Council for Financial and Economic Affairs (SCFEA) in the UAE recently awarded a new oil and gas exploration concession in Onshore Block 2 which is located within Al Dhafra region of Abu Dhabi to the Malaysian national oil and gas company Petroliam Nasional Berhad (PETRONAS).
The agreement enables PETRONAS to have 100% of the exploration concession rights in Onshore Block 2 which spans 7,320 square kilometres, according to a press release.
Meanwhile, the exploration operations will utilise advanced technology and AI solutions to ensure maximizing the potential benefits derived from Abu Dhabi's energy resources.
This is the third exploration concession awarded to PETRONAS in a move that underlines Abu Dhabi’s position as a trusted and attractive investment destination for global investments in the energy sector.
Moreover, the concession award follows the completion of Abu Dhabi’s first and second exploration concession bid rounds that were launched in 2018 and 2019, which resulted in the award of 11 blocks to international partners.
SCFEA stated: “The award comes in line with the Emirate’s financial, investment, economic, petroleum, and natural resources policies which fall under the supervision of SCFEA which it is tasked with the mandate of instilling rigorous performance monitoring and precise policy implementation.”
The UAE authority concluded: “SCFEA remains actively engaged in direct collaboration with key strategic investment entities in Abu Dhabi to realise the objectives of Abu Dhabi’s vision and ensure a bright and sustainable future for generations to come.”
As part of its regional presence, PETRONAS through its global lubricants manufacturing and marketing arm PETRONAS Lubricants International (PLI) unveiled potential expansion in the Egyptian market earlier in 2024.
