Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) awarded another oil and gas exploration concession in Al Dhafra to Malaysia’s state-owned oil and gas firm Petronas, according to the Abu Dhabi Media Office. The agreement grants Petronas 100% exploration rights in the region’s Onshore Block 2, covering over 7.3k sqkm.

Background: Petronas was awarded its first Abu Dhabi concession from Adnoc in December 2022, focusing on exploring unconventional oil resources in Al Dhafra. Over in Malaysia, the two companies recently inked another agreement — alongside UK-based Storegga — to assess the feasibility of CO2 storage in saline aquifers and developing carbon capture and storage facilities in the Penyu Basin in Malaysia.

REMEMBER- This is the second concession awarded by Abu Dhabi this month: Earlier this month, SCFEA awarded a production concession in Al Ruwais to Urja Bharat (UBPL), a special purpose joint venture vehicle comprising India's Indian Oil Corporation and Bharat Petroleum Corporation.

The emirate has handed out a total of 11 blocks to international partners following successful exploration concession bid rounds in 2018 and 2019, according to the statement.

Tags: