The Abu Dhabi Supreme Council for Financial and Economic Affairs has awarded a production concession agreement to ADNOC and Pakistan International Oil Limited (PIOL) in respect of Offshore Block 5 in Abu Dhabi.

PIOL will hold a 40 per cent participating interest in the concession area, while ADNOC will hold the remaining 60 per cent. 

The production concession is located offshore near the Zakum field, primarily producing conventional oil resources.