The Abu Dhabi National Oil Company (ADNOC) awarded two offshore blocks to Eni and PTT Exploration and Production Public Limited (PTTEP) for oil and gas exploration and production (E&P), Pipeline Oil and Gas Magazine reported.
The agreements were signed by Sultan Ahmed Al-Jaber, UAE Minister of State and ADNOC Group CEO, Claudio Descalzi, Eni CEO and Phongsthorn Thavisin, President and Chief Executive Officer of PTTEP.
“These awards build on ADNOC’s and Eni’s growing partnerships on various fronts, broaden and reinforce ADNOC’s strategic partnership base as we add, for the first time, Thailand’s PTTEP, and reinforces the confidence the international community places on the UAE’s stable and secure and investment environment.” Al-Jaber said.
Eni and PTTEP will hold 100% of the concessions’ stakes during the exploration phase and invest around $230 million on exploring and estimating the discoveries in block 2 along with finalizing the exploration and estimation plans for block 1.
After completing the exploration phase successfully, the two companies will be able to develop any discoveries with ADNOC having the option to hold 60% in the production phase.
The awarded agreements follow an approval from the Supreme Petroleum council of ADNOC’s new integrated gas strategy as the company plans to increase its oil production capacity to 5 million barrels per day (b/d) by 2030 to enable the UAE to achieve gas self-sufficiency.