ABU Dhabi National Oil Company (Adnoc) has awarded a key onshore exploration block to US independent Occidental Petroleum as a part of the Emi-rati giant's second licensing round launched last year. The state-owned company this week said it had signed "an exploration concession agreement" with Occidental for Abu Dhabi Onshore Block 5. Adnoc last year launched its second licensing round, offering three offshore and two onshore blocks, which it said are likely to hold "multiple billion barrels of oil and multiple trillion cubic feet of natural gas". Block 5 is the first key tract that has been awarded by Adnoc as a part of its second bid round, with more awards likely to follow soon.
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