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Financials

ADNOC awards Japan’s Inpex Corp onshore exploration concession

DUBAI, March 17 (Reuters) - Abu Dhabi National Oil Co (ADNOC) awarded Japan’s Inpex Corp an onshore exploration concession in Abu Dhabi’s competitive block bid round, ADNOC said in a statement on Sunday.

Inpex will hold a 100 percent stake in the exploration phase, while ADNOC has the option to hold a 60 percent stake in the production phase of the concession, the statement said.

The 35-year concession is for Onshore Block 4, and Inpex will invest up to 646 million UAE dirhams ($175.89 million) in the block, ADNOC said. ($1 = 3.6728 UAE dirham) (Reporting by Nafisa Eltahir; editing by Emelia Sithole-Matarise)

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