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