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
In addition to foreign investments that include Austria's Borealis and Canada's Nova Chemicals Corporation, Mubadala is working with Adnoc to expand the state-owned oil company's petrochemical facility at Ruwais in the Western Region of Abu Dhabi.
Eni, which will have a 50 per cent stake in the concession after the sale to Mubadala Petroleum, is the operator of the offshore concession. It has agreed to buy a 5% stake in the Lower Zakum offshore oilfield and a 10% stake in the offshore Umm.
The Umm Shaif and Nasr are situated about 135 kilometres off Abu Dhabi and have a target production of 460,000 bpd.
Lower Zakum lies about 65 kilometres off the coast of Abu Dhabi and has a target production of 450,000 barrels of oil per day.
Attending the signing was Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. A group of Indian companies paid $600 million for rights to 10% of Lower Zakum on 10 February, and Japan's Inpex Corp. bought the same-sized stake last month. On the other hand, about 30% stake in the Umm Shaif and Nasr concession is still up for grabs. Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC Production BV.
Prime Minister Gentiloni underscored the importance of the agreements between Eni and ADNOC as a significant confirmation of the strategic partnership between Italy and the UAE. They also broaden and diversify our partnership base, in line with the leadership's directives, while contributing experience, technology, capital and market access.
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Eni, which produced an average of 1.8 million b/d of oil equivalent in 2017 from its global operations, has held regular meetings with ADNOC and Mubadala, the emirate's energy and industry investment vehicle, to discuss opportunities for collaboration in the upstream and downstream sectors.
ADNOC hopes to increase production at the Umm Shaif and Nasr concession to 460,000 b/d, from around 300,000 b/d now, as well as producing 500 MMcf/d of gas.
Italy's Eni has signed agreements over the weekend to gain an interest in two offshore concessions in the United Arab Emirates. It split an offshore production concession that expired last week into three blocks, and Eni is the fourth worldwide entrant to secure rights to one of the new areas.
The Zohr field was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of up to 30 trillion cubic feet of gas in place.
"(The deal) represents a further signal about the strength and quality of this world-class asset", said ENI Chief Executive Claudio Descalzi.
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