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Abu Dhabi launches Dhs5b IPO Fund to strengthen ADX position

Abu Dhabi launches Dh5b IPO fund to support SMEs

Japanese energy firm awarded Abu Dhabi offshore exploration rights

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.

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