EOG Resources Secures Strategic Onshore Concession
EOG Resources, Inc. (NYSE: EOG) is thrilled to announce the acquisition of a new oil exploration concession specifically for Unconventional Onshore Block 3 (UCO3). This significant development was granted by the Supreme Council for Financial and Economic Affairs, marking an important step in expanding EOG's operations beyond North America.
Overview of the UCO3 Concession Area
The UCO3 concession spans an impressive 3,609 square kilometers, which equates to nearly 900,000 acres. This area is located within an oil-rich and over-pressured basin in the Al Dhafra region. One key aspect of this project is that EOG holds complete equity and operates the concession area. In collaboration with the Abu Dhabi National Oil Company (ADNOC), the company will be exploring and appraising unconventional oil.
Plans for Exploration and Development
EOG Resources is set to commence drilling activities in the latter half of 2025, adhering closely to its established capital plan for that year. After an anticipated three-year appraisal phase, the company may transition into a production concession, where ADNOC has the option to participate. This strategic move not only enhances EOG's global footprint but also underscores its commitment to tapping into new resources.
Insights from Company Leadership
Ezra Y. Yacob, Chairman and Chief Executive Officer of EOG Resources, expressed excitement about the new venture: "We are excited for the opportunity to evaluate this hydrocarbon-rich basin for potential horizontal development. Our partnership with ADNOC will be crucial in maximizing Abu Dhabi's resource potential, and we look forward to this collaboration."
About EOG Resources
EOG Resources, Inc. is a leading crude oil and natural gas exploration and production company, recognized as one of the largest in the United States. With a robust portfolio that includes considerable proved reserves in both the United States and Trinidad, EOG continues to be a prominent player in the energy sector. To find more about their projects and initiatives, visit their official website.
Investor Information
EOG provides dedicated channels for investor inquiries and is committed to transparency in communications. The investor relations team is available for questions and further information.
Contact Information
EOG Resources has a dedicated investor relations team ready to assist. For inquiries, investors can reach out to:
- Pearce Hammond: 713-571-4684
- Neel Panchal: 713-571-4884
- Shelby O'Connor: 713-571-4560
For media inquiries, Kimberly Ehmer can be contacted at 713-571-4676 to provide further information and assist with any press-related questions.
Frequently Asked Questions
What is the purpose of the UCO3 concession awarded to EOG?
The UCO3 concession allows EOG to explore and appraise unconventional oil in a new area, enhancing their operational capabilities outside of the United States.
When is EOG expected to start drilling?
EOG plans to begin drilling in the second half of 2025 as part of its strategic exploration initiatives.
What are the dimensions of the UCO3 concession?
The UCO3 concession covers 3,609 square kilometers, approximately 900,000 acres, in a prominent oil-rich region.
Who is EOG working with on this project?
EOG is collaborating with the Abu Dhabi National Oil Company (ADNOC) for exploration and appraisal of the UCO3 concession area.
How does this new concession benefit EOG Resources?
This concession enhances EOG's global presence and resource base, allowing the company to further develop its capabilities in unconventional oil exploration.
