ibusinesslines.com March 18, 2018

UAE's ADNOC says awards Italy's Eni stakes in new oil concessions

15 March 2018, 12:36 | Jodi Jackson

Eni sells 10 percent of Egypt's Shorouk concession to Mubadala Petroleum

Dr. Sultan Ahmed Al Jaber, ADNOC Group CEO and Claudio Descalzi, CEO of Eni sign historic agreements awarding Eni stakes in two of Abu Dhabi’s offshore concessions witnessed by H.H. Sheikh Mohamed bin Zayed Al Nahyan Crown Prince

Rome-based Eni is the fourth global company to secure rights to one of Adnoc's new offshore concessions and the first to sign up for the Umm Shaif and Nasr block.

In a separate transaction, Eni has acquired stakes in several oil and gas fields offshore Abu Dhabi.

Eni has contributed a participation fee of 2.1 billion dirhams ($575 million) for the Umm Shaif and Nasr offshore concession and a fee of 1.1 billion dirhams for the Lower Zakum oil concession, ADNOC said in a statement. The signing ceremony was presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Paolo Gentiloni, Prime Minister of the Republic of Italy.

Headquartered in Abu Dhabi, Mubadala Petroleum has exploration, development and production activities across eight countries, with main focus on the Middle East and Southeast Asia.

A group of Indian companies paid $600 million for rights to 10 percent of Lower Zakum on February 10, and Japan's Inpex bought the same-sized stake later that month. This is the first time an Italian energy company has been given concession rights in Abu Dhabi's oil and gas sector. It has now been split into three blocks - Lower Zakum, Umm Lulu and Satah al-Razboot, and Umm Shaif and Nasr.

Eni joins an Indian consortium, led by ONGC Videsh, and Japan's INPEX as stakeholders in the Lower Zakum concession.

ADNOC said on Sunday it was still finalising opportunities with potential partners for the remaining 15 percent in the Lower Zakum concession and for the remaining 30 percent stake in the Umm Shaif and Nasr concession. Adnoc "is looking to find a balance in its strategic partners" between those from major oil-importing nations such as Japan and India and worldwide oil companies with technology and project expertise, he said.

Mubadala Petroleum purchased a 10 per cent stake in an Egyptian concession holding the Mediterranean's biggest gas discovery from Italy's Eni, marking the Abu Dhabi hydrocarbons company's first foray into the Arab world's most populous nation.

"We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession", said Mr Descalzi.

The Zohr super-giant gas field was successfully started-up in December 2017, in only 28 months after its discovery, and is now producing 400 million f3/d.

Other News

Trending Now

Tirreno-Adriatico results & GC: Michal Kwiatkowski wins overall tour
Dennis was quickest on the 10-kilometer (6.2-mile) individual time trial in San Benedetto del Tronto. I had to be careful but I had good feelings today and that's why I could finish so well".

Broadcom confirms it has withdrawn its Qualcomm bid
Congress issued a critical report on the Chinese tech firm in 2012 that effectively shut it out of the United States market. Trump may not get to build the network himself, but he's sure not going to leave it to China to build it for us.

Monster Hunter World Deviljho Release Date Revealed, Free DLC Coming Soon
As always, stay tuned to the Monster Hunter channels on Twitter and Facebook for the latest news and updates . April will also see the Spring Blossom Fest taking place and the Mega Man Palico gear surfacing.

China's CNPC crude production fell 1.6 pct y/y in Jan-Feb
Gasoline stocks fell by 6.3 million barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop. Energy Information Administration said Wednesday that crude supplies rose by 5 million barrels for the week ended March 9.

Alicia Vikander Looks Lara Croft Chic At Tomb Raider Premiere
Fans will remember 2015's " Rise of the Tomb Raider " was exclusive to Xbox One for a full year before the PS4 version came out. Milham was the art director for Visceral Games, and worked on Dead Space and Battlefield Hardline.

Here Are the DC-Area Finalists for the 2018 James Beard Awards
The organization announced its pool of five finalists this morning via a live press conference in Philadelphia. The category is open to chefs in Louisiana, Alabama, Arkansas, Mississippi, Florida and Puerto Rico.

Teacher trained in gun use accidentally discharges firearm in Calif. classroom
The man was just to explain the attendees about pistol safety when the weapon went off, the slug hitting the ceiling. Though the gun didn't shoot anyone directly, "Fragments from the bullet struck a student in the neck", Pridgen said.