EOG Resources, Inc. (EOG) reported that the company acquired a new concession to explore oil on Unconventional Onshore Block 3 (UCO3) by Abu Dhabi's Supreme Council for Financial and Economic Affairs (SCFEA).
The 3,609 square-kilometer, or approximately 900,000-acre, UCO3 concession is situated in an over-pressured, oil-bearing Abu Dhabi Al Dhafra basin. EOG holds 100 percent interest and operatorship and, in partnership with Abu Dhabi National Oil Company (ADNOC), will appraise and explore unconventional oil in the concession. Following three years of appraisal, EOG may sign a production concession wherein ADNOC can join. Currently, EOG expects to drill during the latter half of 2025 without any modification to the company's 2025 capital plan.
"We eagerly await the opportunity to evaluate this hydrocarbon producing basin for potential to develop horizontally," stated Ezra Y. Yacob, EOG Chairman and Chief Executive Officer. "We eagerly await the opportunity to work with ADNOC to develop Abu Dhabi's opportunity resource."