EOG Resources, Inc. (NYSE:EOG), a titan in the crude oil and natural gas sector, has recently secured an exciting onshore oil exploration concession in the United Arab Emirates, marking a significant milestone in their strategic expansion.
With a robust portfolio of proved reserves spanning the US and Trinidad, EOG stands as one of the largest exploration and production firms in the nation. Their recent concession awarded by Abu Dhabi’s Supreme Council for Financial and Economic Affairs covers an impressive 900,000 acres located in a hydrocarbon-rich basin within the Al Dhafra region.
Under this agreement, EOG holds 100% equity and operatorship, signaling its full commitment to maximizing the region’s potential. After a three-year appraisal phase, EOG may enter a production concession if commercial hydrocarbons are discovered. Notably, the Abu Dhabi National Oil Company (ADNOC) holds the option to participate in any future production agreements. Drilling is expected to commence in the latter half of 2025, with no adjustments to EOG’s capital plans for the current year.
This strategic development came to light during a recent visit by President Trump to the UAE, where agreements were signed that could pave the way for up to $60 billion in American investments in UAE energy projects.
Ezra Y. Yacob, Chairman and CEO of EOG Resources, expressed enthusiasm about the opportunity:
“We are excited for the opportunity to evaluate this hydrocarbon-rich basin for potential horizontal development. We look forward to working alongside ADNOC to expand Abu Dhabi’s resource potential.”
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Disclosure: None.