Oil & Gas
ADNOC Awards Eni & PTTEP Exploration Block in Abu Dhabi
The Abu Dhabi National Oil Company announced the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi’s
The Abu Dhabi National Oil Company announced the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi’s Offshore Block 3 to a consortium led by Eni Abu Dhabi BV, a wholly owned subsidiary of Italy’s multinational energy company, Eni, and PTTEP MENA Ltd., a wholly-owned subsidiary of Thailand’s PTT Exploration and Production Public Company Limited. The award has been approved by Abu Dhabi’s Supreme Petroleum Council. It follows ADNOC’s award earlier this month of an onshore block to Occidental, highlighting how ADNOC continues to leverage and strengthen its strategic partnerships to accelerate the exploration and development of Abu Dhabi’s hydrocarbon resources.
Under the terms of this agreement, Eni will operate the exploration phase of the concession, and PTTEP and Eni will collectively hold a 100% stake in the exploration phase, investing up to AED 1.51 billion towards exploration and appraisal drilling, including a participation fee, to explore for and appraise oil and gas opportunities in Offshore Block 3.
Offshore Block 3 covers an offshore area of 11,660 square kilometers northwest of Abu Dhabi city. New 3D seismic data has been acquired for a part of the block, which, combined with its proximity to the existing onshore oil and gas fields, suggests the concession area has promising potential.