"This award represents a significant milestone for us to accelerate our upstream business in Abu Dhabi and further strengthens our seamless and multi-faceted partnership with both Abu Dhabi and ADNOC," noted Kiriyama. Following a successful commercial discovery during the exploration phase, Cosmo will have the right to a production concession to develop and produce such commercial discoveries. ADNOC has the option to hold a 60 percent stake in the production phase of the concession. The term of the production phase is 35 years from the commencement of the exploration phase and the block offers the potential to create significant in-country value for the UAE over the lifetime of the concession.