The state oil company in Abu Dhabi said it signed contracts with a Chinese counterpart to carry out the world's largest surveys for new hydrocarbon reserves.

The Abu Dhabi National Oil Co. awarded a subsidiary of China National Petroleum Co. with a $1.6 billion contract to conduct seismic surveys covering about 20,000 square miles onshore and offshore. ADNOC said that makes it the largest survey of its kind in the world.

"The scale of the project shows ADNOC's commitment to upstream investment and to bolstering our oil and gas reserves and production for the long-term," ADNOC CEO Ahmed al-Jaber said in a statement.

ADNOC in April opened its first bidding round to gain access to billions of barrels of oil and trillions of cubic feet in gas, after signing agreements with Asian energy companies, Italian major Eni and French supermajor Total.

ADNOC estimates that, based on existing field data, the blocks up for grabs "hold multiple billion barrels of oil and multiple trillion cubic feet of natural gas. "Nearly all of the Emirati reserves are in Abu Dhabi. Four blocks onshore and two offshore are on the auction block with the close set for October. The conclusion, with formal result announcements, is expected by the end of the year.

"The award, following a highly competitive bid process, also represents another key milestone in ADNOC's thriving partnership with CNPC, and the UAE's strategic energy partnership with China," Jaber added.

Chinese foreign direct investment is up slightly to 3.6 percent. The country has the second-largest economy of the world, behind the United States, though growth is on pace to slow slightly in the years ahead.

The United Arab Emirates is a member of the Organization of Petroleum Exporting Countries. Secondary sources reported to OPEC economists said June production averaged 2.8 million barrels per day, down from the 2016 average of 2.97 million bpd.

Most of the focus for seismic surveys would be offshore. ADNOC's deal was signed on the eve of a Friday visit to the UAE by Chinese President Xi Jinping.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Total advances renewable energy projects in Brazil
Washington (UPI) Jul 18, 2018
A renewable energy division of French supermajor Total said Wednesday it was moving forward with new solar power developments in Brazil. Total in September paid about $275 million to acquire a 23 percent stake in renewable energy company Eren, naming the new entity Total Eren. The renewable energy division announced Wednesday it was financing and building a combined 140 megawatts of nominal power in Brazil, roughly enough power for at least 100,000 homes. Of the three projects either in ... read more