The Abu Dhabi National Oil Company (ADNOC) company has signed an exploration concession agreement with Cosmo Albahariya Limited company, a subsidiary of Cosmo Energy Holdings Co, allowing Cosmo to do exploration activities in the offshore Block 4, a press release announced.
This agreement was signed by UAE’s Minister of Industry and Advanced Technology and ADNOC’s CEO, Sultan Ahmed Al Jaber and Cosmo’s CEO, Hiroshi Kiriyama.
According to the terms of the agreement, Cosmo will hold a 100% stake in the exploration phase and it will invest $145 million for the exploration and drilling activities in the block on the distance of 4,865 km².
On this occasion, Al Jaber said “Cosmo was selected after a very competitive bid round. They bring expertise and understanding of our offshore environment, technology, and market access – key ingredients that underpin ADNOC’s targeted approach to strategic partnerships, which is enabling us to unlock and maximize value from our assets and resources as we continue to deliver on our 2030 strategy.”