Eni expands presence in UAE
Eni signed a Concession Agreement for the acquisition of a 70% stake in the Exploration Offshore Block 3, leading a consortium including a wholly owned subsidiary of Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) with the remaining 30% stake.
Offshore Block 3, located in the north-west offshore of the Abu Dhabi Emirate, is the largest area to be awarded among those blocks that were offered for commercial bidding by ADNOC in May 2019 as part of Abu Dhabi’s second competitive block licensing round.
Under the terms of the agreements, Eni will operate the concession to explore for oil and gas and appraise the existing discoveries in the block, which covers an area of approximately 11,660 square kilometers. The exploration phase of the agreement has a maximum period of up to 9 years and, subject to successful exploration, an overall concession term will extend to 35 years from commencement of the exploration phase for development and production phases in which ADNOC has the option to hold a 60% stake.
New state of the art 3D seismic data has already been acquired for a part of the block, which is in close proximity to existing large oil and gas producing and under development fields, in part participated by Eni, and that is estimated to have a promising potential. The near-field nature of the exploration targets will allow to exploit the synergies with the nearby existing infrastructure.
The exploration concession agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO; Claudio Descalzi, CEO of Eni; and Phongsthorn Thavisin, CEO of PTTEP.
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