EOG Resources Awarded Onshore Concession to Explore and Appraise Unconventional Shale Block in the UAE | EOG Stock News

May 16, 2025

Secured 100% equity and operatorship in a large 900,000-acre oil exploration concession
Strategic expansion into UAE's unconventional oil resources
No impact on 2025 capital plan, indicating strong financial position

EOG Resources (EOG, Financial) has been granted a new exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu Dhabi's Supreme Council for Financial and Economic Affairs. The concession spans 3,609 square kilometers, roughly 900,000 acres, in the oil-rich Al Dhafra region of Abu Dhabi.

EOG will hold 100% equity and operatorship in the block, working alongside Abu Dhabi National Oil Company (ADNOC) to explore and appraise unconventional oil resources. The agreement includes a three-year appraisal phase, after which EOG may secure production rights, offering ADNOC the option to participate.

Drilling operations at UCO3 are anticipated to commence in the second half of 2025. Notably, EOG has stated that this project will not impact its 2025 capital plan, underscoring the company's strong financial position. This strategic move marks a significant expansion into UAE's unconventional oil sector, potentially enhancing EOG's future production capabilities.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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