UAE's ADNOC awards Occidental onshore exploration concession

Abu Dhabi National Company (ADNOC) said on Wednesday it had signed an exploration concession agreement with Occidental Petroleum Corp for onshore block 5.

Occidental will have a 100% stake in the exploration phase and will invest up to 514 million dirhams ($140 million), including a participation fee, it said.

The block covers 4,212 square km southeast of Abu Dhabi city. (Writing by Alexander Cornwell, editing by Louise Heavens)