ibusinesslines.com
ibusinesslines.com June 18, 2018


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

15 March 2018, 12:36 | Jodi Jackson

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

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

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.



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