Eni expands its presence in UAE with the award of a majority stake and operatorship in Offshore Block three, certainly one of Abu Dhabi’s largest offshore exploration concessions.
The Italian big signed a Concession Agreement for the acquisition of a 70% stake within the Exploration Offshore Block three, main a consortium together with a completely owned subsidiary of Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) with the remaining 30% stake.
Offshore Block three, situated within the north-west offshore of the Abu Dhabi Emirate, is the most important space to be awarded amongst these blocks that have been supplied for industrial bidding by ADNOC in May 2019 as a part of Abu Dhabi’s second aggressive block licensing spherical.
Under the phrases of the agreements, Eni will function the concession to probe for oil and fuel and appraise the present discoveries within the block, which covers an space of roughly 11,660 sq. kilometers. The exploration part of the settlement has a most interval of as much as 9 years and, topic to profitable exploration, an general concession time period will prolong to 35 years from graduation of the exploration part for improvement and manufacturing phases by which ADNOC has the choice to carry a 60% stake.
New state-of-the-art 3D seismic information has already been acquired for part of the block, which is in shut proximity to current massive oil and fuel producing and beneath improvement fields, partly participated by Eni, and that’s estimated to have a promising potential. The near-field nature of the exploration targets will permit to take advantage of the synergies with the close by current infrastructure.
Claudio Descalzi, Eni CEO, stated: “This award follows the one achieved by the identical consortium in 2019 for offshore exploration Blocks 1 and a couple of and represents an additional necessary step in direction of the realisation of Eni’s technique to develop into a number one actor within the improvement and manufacturing in Abu Dhabi, a number one area for the oil and fuel trade, whereas contributing via its experience in exploration so as to add additional sources and exploit all potential synergies with the encircling fields. It additionally additional strengthens our relationship with our beneficial associate PTTEP. Offshore Block three represents a difficult alternative that may unlock vital worth because of exploration and appraisal of shallow and deep reservoirs”.
Eni has been current in Abu Dhabi since 2018 with a 10% stake within the Umm Shaif and Nasr Offshore concession plus a 5% stake within the Lower Zakum concession in addition to 25% stake in Ghasha concession that’s approaching remaining FID.
(Source: ENI – Image: ADNOC)
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