EOG Resources Inc. has secured a significant new oil exploration concession for Unconventional Onshore Block 3 (UCO3) in Abu Dhabi. Announced on May 16, 2025, the concession covers 3,609 square kilometers, approximately 900,000 acres, in an oil-rich basin within the Al Dhafra region. EOG holds 100 percent equity and operatorship, and will collaborate with the Abu Dhabi National Oil Company $(ADNOC.AU)$ to explore and appraise unconventional oil in this area. The project includes a three-year appraisal phase, after which EOG may enter a production concession, allowing ADNOC the option to participate. Drilling is expected to commence in the latter half of 2025, with no alterations to EOG's existing capital plan. Ezra Y. Yacob, CEO of EOG, expressed enthusiasm for the potential horizontal development and collaboration with ADNOC to enhance Abu Dhabi's resource potential.
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