Eni, PTTEP consortium wins Adnoc offshore exploration deal

Eni, PTTEP consortium wins Adnoc offshore exploration deal

The Abu Dhabi National Oil Company (Adnoc) has signed an agreement, awarding the exploration rights for the emirate's offshore block 3 to a consortium led by Eni Abu Dhabi, a wholly-owned subsidiary of Italy's multinational energy company, and PTTEP Mena, a wholly-owned subsidiary of Thailand's PTT Exploration and Production Public Company Limited (PTTEP).

 

The block 3 covers an offshore area of 11,660 sq km northwest of Abu Dhabi city. New 3D seismic data has been acquired for a part of the block, which, combined with its proximity to the existing onshore oil and gas fields, suggests the concession area has promising potential.

 

In addition to drilling exploration and appraisal wells, the exploration phase will see Eni and PTTEP leverage and contribute financially and technically to Adnoc's mega seismic survey, which is already acquiring seismic data within the block area. 

 

The exploration concession agreement was signed by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Group CEO with Claudio Descalzi, CEO of Eni; and Phongsthorn Thavisin, CEO of PTTEP.

 

Under the terms of the agreement, Eni will operate the exploration phase of the concession, and PTTEP and Eni will collectively hold a 100 percent stake in the exploration phase,