Abu Dhabi National Oil Company (ADNOC) has signed a technical agreement with Occidental Petroleum to develop the al-Hail and Ghasha oilfields, Reuters has reported.
“Under the terms of the new agreement, ADNOC and Oxy will cooperate in carrying out a number of activities that reach up to $500mn in investment,” ADNOC said in a statement on Tuesday.
“The agreement covers 3D seismic surveys, drilling of appraisal wells and conducting of engineering studies necessary for the fields’ development.”
ADNOC holds a 70% stake in the venture and Oxy holds 30%. The U.S.-based company also has a 40% stake in Abu Dhabi’s Al Hosn Gas project.Â
