U.S. oil and gas exploration and production company EOG Resources Inc. has secured a new exploration concession in Abu Dhabi. The company said in a media release that it has been awarded Unconventional Onshore Block 3 (UCO3) by Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA).
The UCO3 concession area is 3,609 square kilometers, or nearly 900,000 acres, in an over-pressured, oil-prone basin in the Al Dhafra region of Abu Dhabi, EOG said. EOG holds 100 percent equity and operatorship.
In coordination with Abu Dhabi National Oil Co. (ADNOC), EOG will explore and appraise unconventional oil in the concession area. After a three-year evaluation period, EOG might enter a production concession that ADNOC can choose to partake in, EOG said.
EOG anticipates starting drilling in the latter half of 2025, with the company’s 2025 capital plan remaining unchanged, the company said.
“We are excited for the opportunity to evaluate this hydrocarbon-rich basin for potential horizontal development”, Ezra Y. Yacob, Chairman and Chief Executive Officer of EOG, said. “We look forward to working alongside ADNOC to expand Abu Dhabi’s resource potential”.
The deal is part of a package ADNOC signed with U.S. companies that would enable up to $60 billion of U.S. investments in UAE energy projects.
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