The Abu Dhabi National Oil Company (ADNOC) awarded the first two oil and gas exploration blocks to a consortium comprising of Italy's Eni and Thailand's Public Exploration and Production Company (PTTEP), ADNOC CEO Sultan Al Jaber said on Saturday
ABU DHABI (Pakistan Point News / Sputnik - 12th January, 2019) The Abu Dhabi National Oil Company (ADNOC) awarded the first two oil and gas exploration blocks to a consortium comprising of Italy's Eni and Thailand's Public Exploration and Production Company (PTTEP), ADNOC CEO Sultan Al Jaber said on Saturday.
"As part of our strategy to increase our oil and gas capacity, last year for the first time in our history we have opened up a set of new onshore and offshore explorations blocks for competitive bid. The exploration area covering 30,000 square kilometers [over 11,500 square miles] contains vast amounts of oil and gas. And today I am pleased to announce that a consortium comprising of Eni and Thailand's Public Exploration and Production Company [PTTEP] have just been awarded the first two blocks. These two offshore blocks are covering 8,000 square kilometers and represent the new wave of exploration," Al Jaber announced during the Atlantic Council Global Energy Forum.
He also pointed out that the UAE was aiming to become a net exporter of natural gas in the future due to modern feasible technologies.
"We will for the first time unlock huge reserves of previously uneconomical gas. In short, we have finally cracked a code that will put us on the path of gas self-sufficiency and ultimately transition UAE to become a net exporter of natural gas," the ADNOC CEO added.
The UAE is located in the Persian Gulf region, rich in oil and gas, and is one of the world's biggest oil exporters.
