ADNOC awards Japan's Inpex onshore exploration concession

Abu Dhabi National Oil Co (ADNOC) awarded Japan's Inpex Corp an onshore exploration concession in Abu Dhabi's competitive block bid round, ADNOC said in a statement on Sunday. Inpex will hold a 100 percent stake in the exploration phase, while ADNOC has the option to hold a 60 percent stake in the production phase of the concession, the statement said.
The 35-year concession is for Onshore Block 4, and Inpex will invest up to 646 million UAE dirhams ($176 million) in the block, ADNOC said.
A wholly-owned INPEX subsidiary, JODCO Exploration Limited, will hold and manage the interest in the concession on behalf of INPEX.