UAE, Malaysia sign historic oil deal
06 Dec 2022 05:37pm
Source of picture from Anwar Ibrahim's Facebook on Tuesday.
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Emirates news agency WAM reported that UAE President Mohamed bin Zayed Al-Nahyan and Malaysian King Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah witnessed the signing ceremony between Adnoc and Petronas for Abu Dhabi’s Unconventional Onshore Block 1.
"The pioneering award to Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil concession,” the agency added.
According to the agency, the deal marks the "first time a Malaysian company will invest in and explore hydrocarbons in Abu Dhabi.”
The six-year term agreement will allow Petronas to hold a 100 per cent stake and operatorship to explore for and appraise unconventional oil in Unconventional Onshore Block 1, which covers an area of more than 2,000 square kilometres in the Al Dhafra region.
"We are delighted to partner with Petronas on this historic unconventional oil concession,” the agency cited the UAE’s Industry and Advanced Technology Minister and CEO of Adnoc, Sultan bin Ahmed Al Jaber, as saying.
The Emirates’ news agency said that Abu Dhabi’s unconventional recoverable oil resources are assessed at 22 billion barrels of very light and sweet crude, comparable to Adnoc’s flagship lower-carbon Murban grade. - BERNAMA
