Under the directives of the Supreme Council for Financial and Economic Affairs, Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council,
DUBAI: A Japanese energy firm has been awarded exclusive rights for the exploration, development, and production of oil and gas in a designated area of the Arabian Gulf.
Cosmo Energy Exploration and Production Co. (Cosmo) secured the offshore Block 4 contract in the second competitive bidding round organized by Abu Dhabi National Oil Co. (ADNOC).
It is expected that Cosmo will invest up to $145 million in exploration and appraisal drilling in an area covering 4,865 square kilometers to the north of Abu Dhabi.
A subsidiary of Cosmo will operate the block under the agreement signed with the Abu Dhabi Supreme Council for Financial and Economic Affairs (SCFEA) and ADNOC.