Abu Dhabi National Oil Company (ADNOC) announced on April 10 the launch of the company’s first ever competitive exploration and production tender for six oil and gas blocks, Reuters reported.
The four onshore blocks and two offshore blocks are thought to contain “substantial amounts of oil and gas,” according to an ADNOC statement.
Bids are due by October and the first bidding round is expected to conclude this year.
In late March, ADNOC awarded two major contracts to Korean technology giant Samsung, worth a combined $3.5 billion for a Engineering, Procurement, and Construction (EPC) contract, and a contract for a Waste Heat Recovery Project.
The projects came as a part of ADNOC’s efforts to increase downstream production following OPEC’s cuts to upstream production. The company is looking to increase its petrochemical production by 14.4 million tons per year by 2025.