Eni, PTTEP Awarded UAE Block
Dec 21, 2020 12:25:pm
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by: Joe Murphy
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Eni, PTTEP Awarded UAE Block
Italy s Eni and Thailand s PTTEP have been awarded a concession for the UAE s offshore block 3 and will invest some dirhams 1.51bn ($412mn) in exploration, Abu Dhabi s national oil company Adnoc reported on December 21.
The award by Adnoc has been approved by Abu Dhabi s supreme petroleum council (SPC). The initial exploration period runs for nine years but Eni and PTTEP will have the right to a 35-year production concession if they make a commercial discovery. Eni said separately it would take a 70% position in the concession spanning 11,660 km
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Eni expands its presence in UAE with the award of a majority stake and operatorship in Offshore Block 3, one of Abu Dhabis largest offshore exploration concessions
édité le 21/12/2020 - Plus de news de ENI - Voir la fiche entreprise de ENI
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 Thailands 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 Dhabis second competitive block licensing round.