EOG Resources has been awarded a new oil exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu Dhabi's Supreme Council for Financial and Economic Affairs (SCFEA).
The UCO3 concession area is 3,609 sq kms, or nearly 900,000 acres, in an over-pressured, oil prone basin within the Al Dhafra region of Abu Dhabi. EOG holds 100 percent equity and operatorship and, in coordination with Abu Dhabi National Oil Company (ADNOC), will explore and appraise unconventional oil in the concession area. Following a three year appraisal phase, EOG may enter into a production concession in which ADNOC has the option to participate. EOG currently expects to begin drilling in the second half of 2025 with no change to the company's 2025 capital plan.
'We are excited for the opportunity to evaluate this hydrocarbon rich basin for potential horizontal development,' said Ezra Y. Yacob, Chairman and Chief Executive Officer of EOG. 'We look forward to working alongside ADNOC to expand Abu Dhabi's resource potential.'
Source: EOG Resources
