Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) recently granted a new oil and gas exploration concession to Petroliam Nasional Berhad (Petronas), the Malaysian national oil and gas company. This concession is for Onshore Block 2, located within the Al Dhafra region of Abu Dhabi, marking the third exploration concession awarded to Petronas. The agreement gives Petronas 100% of the exploration rights in Onshore Block 2, covering an area of 7,320sqkm. The exploration operations will incorporate advanced technology and artificial intelligence solutions to maximize the benefits from Abu Dhabi’s energy resources.
This recent concession award to Petronas follows the successful completion of Abu Dhabi’s first and second exploration concession bid rounds in 2018 and 2019. These rounds resulted in the award of 11 blocks to leading international partners in the energy sector. The SCFEA, responsible for overseeing the emirate’s financial, investment, economic, petroleum, and natural resources policies, aims to monitor performance rigorously and implement policies accurately. The granting of this concession is in line with the council’s efforts to work closely with strategic investment entities in Abu Dhabi to achieve the goals of Abu Dhabi’s vision and ensure a sustainable future for future generations.
The exploration operations in Onshore Block 2 are expected to leverage advanced technology and artificial intelligence solutions to maximize the potential benefits from Abu Dhabi’s energy resources. With Petronas having 100% ownership of the exploration concession rights, the company will play a significant role in exploring and developing the energy resources within the area. This concession reflects Abu Dhabi’s commitment to attracting international partners with the expertise and technology needed to unlock the full potential of its oil and gas reserves.
Petronas’ experience and expertise in the oil and gas sector make it a valuable partner for Abu Dhabi as the emirate seeks to further enhance its energy capabilities. The utilization of advanced technology and artificial intelligence solutions in the exploration operations will not only improve efficiency but also ensure sustainable practices in resource extraction. This partnership between Petronas and Abu Dhabi exemplifies a commitment to responsible resource management and technological innovation in the energy sector.
The SCFEA’s decision to grant this new concession to Petronas highlights Abu Dhabi’s strategic approach to developing its energy resources in a sustainable and efficient manner. By working with international partners like Petronas, Abu Dhabi can leverage their expertise to drive innovation and increase production capacity in the oil and gas sector. This collaboration underscores Abu Dhabi’s position as a key player in the global energy market and its commitment to advancing sustainable practices in resource exploration and development.
In conclusion, the new oil and gas exploration concession granted to Petronas in Onshore Block 2 represents a significant milestone in Abu Dhabi’s efforts to maximize the benefits from its energy resources. With the utilization of advanced technology and artificial intelligence solutions, Petronas will play a crucial role in exploring and developing the energy potential in the Al Dhafra region. This partnership underscores Abu Dhabi’s commitment to sustainable resource management and responsible energy development, positioning the emirate as a leader in the global energy industry.
