Eni acquired a 70% stake in the exploration offshore block 3 in Abu Dhabi where Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) acquired the remaining 30% stake.
Block 3 covers an area of 11,660 square kilometers and is the largest block offered by Abu Dhabi National Oil Company (ADNOC) as part of Abu Dhabi’s second competitive block licensing round. The agreement is valid for a period of up to nine years and could extend to 35 years subject to successful exploration, taking into consideration that if the process moved to the development and production phases, ADNOC will then have the option to hold a 60% stake.
UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Ahmed Al-Jaber stated that “this again validates our targeted approach to value-add partnerships that contribute the right combination of capital, technology, capabilities and market access to accelerate the development of Abu Dhabi’s hydrocarbon resources.”
For his part, Claudio Descalzi, Eni CEO, remarked that this award “represents a further important step towards the realization of Eni’s strategy to become a leading actor in the development and production in Abu Dhabi, a leading region for the oil and gas industry, while contributing through its expertise in exploration to add further resources and exploit all potential synergies with the surrounding fields.”