State-run Abu Dhabi National Oil Company (Adnoc) has signed a technical agreement with US-based Occidental Petroleum to develop the Al-Hail and Ghasha oilfields, Adnoc said in a statement on Tuesday.

“Under the terms of the new agreement, Adnoc and Oxy will cooperate in carrying out a number of activities that reach up to $500 million in investment,” Adnoc said in a statement.

“The agreement covers 3D seismic surveys, drilling of appraisal wells and conducting of engineering studies necessary for the fields’ development.”

Adnoc holds a 70% share in the fields development venture, while Occidental holds 30%, according to the statement.

Occidental also holds a 40%¬†stake in Abu Dhabi’s Al Hosn Gas project.

Source: Trade Arabia