The Abu Dhabi National Oil Co (ADNOC) – the key corporate proxy at the centre of the U.S.’s Middle East pushback against increasing Chinese and Russian influence across the region via the recent ‘normalisation deals’ between Israel and the UAE and Bahrain –– last week further cemented this alliance with the award of a second major oil and gas exploration block concession to the U.S.’s Occidental. The U.S. major had previously won the 5,782 square kilometre (sq. km) Onshore Block 3 in Abu Dhabi’s first competitive bid round in February last year. In return for an initial investment of AED514 million (US$140 million), Occidental has secured a 100 per cent stake in the exploration phase of the 4,212 sq. km onshore block while ADNOC will retain the option to own 60 per cent of the production phase in the 35-year concession. This award aligns neatly with ADNOC’s current initiative […]