Abu Dhabi National Oil Company (ADNOC) has signed the first of a series of concession agreements with Italian oil giant Eni, TradeArabia reported.
ADNOC will award Eni a 25% stake in its offshore ultra-sour gas mega project. The Ghasha concession consists of the Hail, Ghasha, Dalma and other offshore fields.
The 40-year concession agreement was signed by Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Claudio Descalzi, CEO of Eni.
“ADNOC is committed to ensuring a stable and economic gas supply to the UAE, which is a core component of our 2030 strategy,” Al Jaber said, adding that the development of the fields will help the country move towards natural gas self-sufficiency.
The latest agreement signifies Eni’s deepening involvement in Abu Dhabi’s oil and gas sector. The company bought a 10% stake in ADNOC’s Umm Shaif and Nasr concession in March, as well as a 5% stake in the Lower Zakum concession.