Petroliam Nasional Bhd. (Petronas) has gained its third concession in Abu Dhabi with a brand new oil and gasoline exploration license for the onshore Block 2, the Malaysian state-owned firm stated.
The lease space spans over 7,300 sq. kilometers (2,818.5 sq. miles) within the Al Dhafra area. Petronas Abu Dhabi Sdn. Bhd., a completely owned subsidiary of Petronas, holds a 100% stake.
“This endeavor broadens PETRONAS Upstream’s portfolio in Abu Dhabi, incorporating each unconventional and standard sources, providing potential for exploration development”, Mohd Jukris Abdul Wahab, Petronas government vp and chief government for upstream, stated in an organization assertion.
- Advertisement -
“In alignment with PETRONAS’ net-zero targets, PETRONAS Abu Dhabi stays dedicated to exploring a sustainable method for its operations”, stated the assertion on the corporate’s web site.
“As a nationwide oil firm with a world presence, PETRONAS stays dedicated to balancing home obligations whereas seizing worldwide alternatives, sustaining a strong enterprise portfolio amidst the evolving power panorama”.
That is the second concession signed by Petronas this yr and third general within the emirate, all for exploration rights. On February 1 it was awarded the onshore Block UC05.
Petronas entered the Abu Dhabi upstream sector late 2022 with the signing of the concession settlement, together with Abu Dhabi Nationwide Oil Co., for Block 1. The license covers 2,000 sq. kilometers (772.2 miles) onshore Al Dhafra.
Whereas Petronas holds a 100% curiosity in Block 1, the settlement supplies for ADNOC’s participation as a 50 % associate in an eventual manufacturing concession.
“This award ushers a brand new chapter of strategic power cooperation within the longstanding relationship between the UAE and Malaysia, and it reinforces the UAE’s place as a trusted funding vacation spot”, ADNOC chief government Sultan Ahmed Al Jaber stated in a press release issued by Petronas December 5, 2022.
“… we’ve got pushed the de-risking of Abu Dhabi’s unconventional oil sources and look ahead to constructing on this with PETRONAS to understand the total potential of Unconventional Onshore Block 1”.
In Malaysia, ADNOC and Petronas have lately partnered for a possible carbon seize and storage (CCS) venture. The Joint Examine and Improvement Settlement, additionally signed with Stroregga, will consider the aptitude of saline aquifers to retailer carbon dioxide emissions, with a view to constructing a CCS facility with a capability of not less than 5 million metric tons a yr within the Penyu Basin offshore Peninsular Malaysia.
The scope of the pact additionally contains “a CO2 delivery and logistics research, geophysical and geomechanical modeling, reservoir simulation and containment analysis whereas exploring the applying of superior applied sciences, together with synthetic intelligence, to reinforce storage capability”, a joint assertion stated August 20, 2024. The companions plan to begin work this yr.
“Malaysia’s geological abundance of deep saline aquifer reservoirs ought to permit for the event of large-scale, everlasting CO2 storage options and the settlement will considerably speed up regional CCS deployment, whereas strengthening collaboration between the strategic companions”, the assertion stated. “The success of this initiative will lay the foundations for a regional CCS hub serving each home and worldwide emitters”.
To contact the writer, e mail jov.onsat@rigzone.com
What do you assume? We’d love to listen to from you, be a part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all power professionals to Converse Up about our trade, share information, join with friends and trade insiders and interact in an expert group that may empower your profession in power.
