Abu Dhabi’s emirate’s Supreme Council for Financial and Economic Affairs (SCFEA) has granted a new oil and gas exploration concession in Onshore Block 2, located within the Al Dhafra region of Abu Dhabi, to Petroliam Nasional Berhad (PETRONAS), the Malaysian national oil and gas company.

The Onshore Block 2 concession is the third exploration concession awarded to PETRONAS.

The agreement grants PETRONAS 100 percent of the exploration concession rights in Onshore Block 2, which spans an area of 7,320 square kilometres.

The exploration operations will utilise advanced technology and artificial intelligence solutions to maximise the potential benefits.

This concession award comes after the successful completion of Abu Dhabi’s first and second exploration concession bid rounds launched in 2018 and 2019, resulting in the award of 11 blocks to leading international partners in the energy sector.

SCFEA is mandated to supervise the Emirate’s financial, investment, economic, petroleum, and natural resources policies.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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