Abu Dhabi National Oil Company (ADNOC) has awarded Italian multinational oil and gas company Eni stakes in two of Abu Dhabi’s offshore concession areas.
The 40-year term agreement includes a rate 10 per cent interest in the Umm Shaif and Nasr concession and a five per cent interest in the Lower Zakum concession, according to media reports.
Eni contributed AED2.1 billion ($575 million) to enter the Umm Shaif and Nasr concession and AED1.1 billion ($300 million) to enter the Lower Zakum concession, both of which will be operated by Adnoc Offshore, according to a statement by Adnoc.
Adnoc is in the process of finalising opportunities with potential partners for the remaining 15 per cent of the available 40 per cent stake in the Lower Zakum concession, and for the remaining 30 per cent stake in the Umm Shaif and Nasr concession, while retaining a 60 per cent majority share in both concessions.
Eni, the first Italian energy company to be granted rights to Abu Dhabi’s oil and gas sector, joins consortiums from India and Japan.
The agreements were signed by Dr Sultan Ahmad Al Jaber, Adnoc Group Chief Executive Officer, and Claudio Descalzi, CEO of Eni in the presence of HH Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Deputy Supreme Commander of the UAE Armed Forces, and Paolo Gentiloni, Prime Minister of Italy.