Occidental Signs an Agreement with ADNOC for a Technical Evaluation of the Offshore Hail and Ghasha Fields

摘要

Abu Dhabi National Oil Company (ADNOC) signed an agreement with Occidental Petroleum Corporation (Oxy) on 10 February covering the conduct of a technical evaluation to prepare for the development of the offshore Hail and Ghasha oil fields. According to the Wam news agency, this agreement provides for the two companies to cooperate in several operations requiring investments of up to $500 million, of which 70% will be borne by ADNOC and 30% by Oxy. This sum will finance 3-D seismic surveys, the drilling of appraisal wells, and the conduct of the engineering studies needed for the development of the two fields. The studies and objectives of the planned development should be finalized by 2017, according to the timetable laid down.