ADNOC awards Eni, PTTEP concession amid plans to hit 5 mil b/d capacity by 2030
Abu Dhabi National Oil Co, the UAE’s biggest energy producer, has awarded Italy’s Eni and Thailand’s PTTEP an exploration concession amid plans to boost oil production capacity by 25% to 5 million b/d by 2030.
The Eni-PTTEP consortium won rights to look for oil and gas in Offshore Block 3, the second award in ADNOC’s second bidding round, the company said in a statement Dec. 21. Occidental Petroleum won the first concession in the second bidding round, which was launched in 2019.
PTTEP and Eni will hold 100% in the exploration phase with investments up to Dirham 1.51 billion ($412 million), which include exploration and appraisal drilling, and a participation fee to explore for and appraise oil and gas opportunities. Eni will be the operator in the exploration phase for the block that spans an 11,660 sq km area.
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Its subsidiary, PTTEP MENA Ltd, and Eni Abu Dhabi BV (Eni), a subsidiary of Italy-based oil and gas company Eni, won 2019 bidding for the concession from the state-owned Abu Dhabi National Oil Company (ADNOC). Photo PTTEP
UAE’s largest offshore exploration block set for Thailand’s PTTEP, partner
Tue, 22 December 2020
Thailand s PTT Exploration and Production (PTTEP) and strategic partner Eni have been awarded the concession for the largest exploration block offered by the UAE.
The investment in Offshore Block 3 provides PTTEP with more opportunity to strengthen its investment portfolio in the Middle East, said the Thai company.
Its subsidiary, PTTEP MENA Ltd, and Eni Abu Dhabi BV (Eni), a subsidiary of Italy-based oil and gas company Eni, won 2019 bidding for the concession from the state-owned Abu Dhabi National Oil Company (ADNOC).
UAE: ADNOC awards Eni and PTTEP consortium the first offshore exploration block in Abu Dhabi’s Second Competitive Block Bid Round
21 Dec 2020
Italy’s Eni and Thailand’s PTTEP awarded exploration concession for Offshore Block 3 and will invest up to AED1.51 billion ($412 million) during the exploration phase
In the event of a commercial discovery, the consortium will have the right to a production concession for a term of up to 35 years
ADNOC continues to leverage and strengthen its strategic partnerships to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources
The
Abu Dhabi National Oil Company (ADNOC) has announced the signing of an exploration concession agreement, awarding the exploration rights for
Italian, Thai energy giants to invest $412m in Abu Dhabi offshore concession arabianbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabianbusiness.com Daily Mail and Mail on Sunday newspapers.
Eni, PTTEP take Abu Dhabi offshore block
Eni and Thailand’s PTT Exploration and Production (PTTEP) have won the first offshore block in Abu Dhabi’s second bid round, Adnoc has announced.
Adnoc’s CEO Sultan Al Jaber, Eni’s CEO Claudio Descalzi and PTTEP’s CEO Phongsthorn Thavisin
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Eni and Thailand’s PTT Exploration and Production (PTTEP) have won the first offshore block in Abu Dhabi’s second bid round, Adnoc has announced.