UAE’s ADNOC Inks $500m Technical Agreement With Oxy

State-run Abu Dhabi National Oil Company (ADNOC) has signed a technical agreement with U.S.-based Occidental Petroleum to develop the al-Hail and Ghasha oilfields, ADNOC said in a statement on Tuesday.

“Under the terms of the new agreement, ADNOC and Oxy will cooperate in carrying out a number of activities that reach up to $500 million in investment,” ADNOC said in a statement.

“The agreement covers 3D seismic surveys, drilling of appraisal wells and conducting of engineering studies necessary for the fields’ development.”

ADNOC holds a 70 per cent share in the fields development venture, while Occidental holds 30 per cent, according to the statement.

Occidental also holds a 40 per cent stake in Abu Dhabi’s Al Hosn Gas project