Under the terms of the agreement, Occidental will hold a 100% stake in the exploration phase, investing $244 million (AED 893 million), including a participation fee, to explore for oil and gas in Onshore Block 3. Upon successful exploration – and having established the commerciality of the discovered resources – Occidental will be granted the opportunity to develop and produce any discoveries. ADNOC has the option to hold a 60% stake in the production phase of the concession. The concession agreement, which has a term of 35 years, was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Vicki Hollub, president and CEO of Occidental. H.E. Dr. Al Jaber said: "This concession award demonstrates how ADNOC is accelerating the exploration and development of Abu Dhabi's vast untapped hydrocarbon resources.