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.