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ENI acquires majority in two Abu Dhabi’s concessions

Abu Dhabi - Eni has signed in Abu Dhabi two concession agreements for the acquisition of a 70% stake in two offshore oil exploration blocks

Abu Dhabi - ENI has signed in Abu Dhabi two concession agreements for the acquisition of a 70% stake in two offshore oil exploration blocks.

Under the agreement, for a duration of 35 years, Eni will operate the concessions and invest with Thailand’s PTT Exploration and Production Company Limited (PTTEP)over 230 million dollars to explore for oil and gas and appraise the existing discoveries in the two blocks, which cover a combined area of approximately 8,000 square kilometers.

“These historic agreements on the first blocks to be awarded, following a competitive bidding process, represent a major advancement in how Abu Dhabi and Adnoc unlocks and maximises value from its substantial hydrocarbon resources, in line with the leadership’s directives,” said Dr Sultan Al Jaber, group chief executive of Adnoc. Adnoc launched the competitive bid in April last year for six oil and gas blocks as part of plans to seek new partners in exploring for hydrocarbon deposits.

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