Abu Dhabi National Oil Company (ADNOC) has delineated four onshore and two offshore blocks that are to be offered for commercially competitive bidding as part of its First Bid Round 2018. The company will be holding a series of roadshows during which interested parties will be invited to confirm their participation through the submission of an Expressions of Interest (EoI) document. Approved companies will then be invited to purchase a comprehensive data package covering all six blocks, which will include full bidding instructions, regional geological information and technical data. Following the closing date for the submission of bids during October 2018, ADNOC will conduct bid evaluation based upon criteria set out in the bidding instructions. The Supreme Petroleum Council (SPC) will then approve final awards, with the government intending to announce initial results before the end of 2018.  Abu Dhabi remains underexplored and the blocks on offer encompass significant, multi-billion barrel yet-to-find potential. The global roadshow of technical and commercial information on the new blocks is scheduled to be held on the dates outlined below. Full details require registration using the following link: Â https://www.adnoc.ae/en/block-bid/bid-process-and-roadshows          ADNOC roadshow locations             Abu Dhabi         Monday 23   April 2018             USA         Tuesday   26 April 2018             Europe         Tuesday 1   May 2018             Far East         Tuesday 8   May 2018             Source: IHS   MarkitÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â    Â© 2018 IHS Markit          A number of the blocks contain      existing discoveries and within the gross area on offer, ADNOC estimates      that there are 310 undrilled reservoirs located within 110 mapped      prospects and leads. In addition to the countryâs conventional potential,      the offered blocks also contain significant unconventional resources.      Successful bidders will enter agreements that, providing defined targets      are achieved in the exploration phase, will give them the opportunity to      then develop and produce any discoveries with ADNOC, under terms that will      be set out in the bidding package.  The      closing date for the receipt of bids will be set for October 2018, after      which ADNOC will conduct the evaluation of the bids, using the criteria      set out in the bidding instructions, and the SPC will award the successful      bidders. It is the intent to announce the first results before the end of      2018.  During the IHS Markit CERAWeek      conference held in Houston during March 2018, H.E. Sultan Ahmed Al Jaber,      Minister of State and Abu Dhabi National Oil      Company (ADNOC) CEO outlined the groupâs strategy for future growth.      Among its targets are a significant expansion of its downstream sector      operations and the creation of innovative new partnerships with      international players throughout the energy chain. He also confirmed that      ADNOC planned to hold a competitive upstream bid round for newly released      acreage during 2018, which will be open to both new and existing partners.
Abu Dhabi National Oil Company (ADNOC) has delineated four onshore and two offshore blocks that are to be offered for commercially competitive bidding as part of its First Bid Round 2018. 