ADNOC Grants Eni Stakes in UAE Offshore Fields

ADNOC Grants Eni Stakes in UAE Offshore Fields

The Abu Dhabi National Oil Company (ADNOC) has granted Eni two stakes in the UAE’s offshore concession areas in a $875 million, 40-year deal, the National reported.

The Italian oil company won the 10% share in the Nasr and Umm Shaif oil fields, located offshore in the Arabian Gulf. It will also buy a 5% stake in the Lower Zakum deposit for $300 million, Arabian Business informed.

“Our partnership with Eni, and other concession partners, will enable us to accelerate our growth, increase revenue, and improve integration across the upstream value chain, as part of our ongoing transformation and build on the foundations that have been laid to deliver a more profitable upstream business,” Emirati Minister of State and ADNOC Group Chief Executive, Sultan Al Jaber, said.

Earlier this week, Eni agreed to sell 10% of its stakes in Egypt’s Shourouk offshore concession to UAE’s Mubadala Petroleum, Egypt Oil & Gas reported. Eni owns 60% of the Shorouk concession, which includes the giant Zohr natural gas field in the Mediterranean Sea.

The $934 million transaction comes as a part of Eni’s dual exploration strategy under which the company sells stakes in fields it operates as a way to raise cash to support future development and finance dividend payments.

Sarah Samir 2999 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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