UAE’s ADNOC awards offshore exploration blocks to Eni, PTTEP

  • Jan 12, 2019
  • Arab News

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ABU DHABI: UAE’s ADNOC has awarded two offshore exploration blocks to Eni and PTTEP, following Abu Dhabi’s first competitive block licensing round.

We’re pleased to announce that #ADNOC has signed two historic agreements, awarding two offshore exploration blocks to a consortium led by Italy’s @Eni and Thailand’s #PTTEP, following a competitive bid round among numerous international energy companies. pic.twitter.com/ORSZyrR9zv

The two blocks in the northwest of Abu Dhabi – Offshore 1 and Offshore 2 – are the first blocks to be awarded among the geographical areas that were offered for commercial bidding by ADNOC, in April 2018, as part of Abu Dhabi’s first competitive open block licensing strategy.

The award of the two blocks was endorsed by Abu Dhabi’s Supreme Petroleum Council.

Under the terms of the agreements, Eni will operate the concessions and PTTEP and Eni will invest at least 844 million dirhams ($230 million) to explore for oil and gas, and appraise the existing discoveries in Offshore Block 2. At the same time, the exploration and appraisal plans for the Offshore Block 1 will be finalized. The two blocks cover a combined area of approximately 8,000 square kilometers.