Italian, Thai energy giants to invest $412m in Abu Dhabi offshore concession

Italian, Thai energy giants to invest $412m in Abu Dhabi offshore concession

Abu Dhabi National Oil Company (ADNOC) announced on Monday the signing of an exploration concession agreement with a consortium led by Eni Abu Dhabi, a subsidiary of Italy's energy giant, and PTTEP MENA, a unit of Thailand's PTT Exploration and Production Public Company Limited (PTTEP).

The award of exploration rights for Abu Dhabi's Offshore Block 3 has been approved by Abu Dhabi's Supreme Petroleum Council (SPC) and follows ADNOC's award earlier this month of an onshore block to US-based Occidental.

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

Supreme Petroleum Council has approved the budget for Abu Dhabi National Oil Company

Al Jaber said: "This concession award reinforces ADNOC and Eni's growing partnership across our value chain and deepens our relationship with Thailand's PTTEP, one of the key markets for our crude oil and products.

"Despite volatile market conditions, we are making very good progress in delivering Abu Dhabi's second competitive block bid round, underscoring our world-class resource potential and the UAE's stable and reliable investment environment. We continue to welcome partners that share our vision to sustainably unlock