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Italian Economic Diplomacy 24 December: latest news from around the world

Date:

12/24/2020


Italian Economic Diplomacy 24 December: latest news from around the world

THE UNITED ARAB EMIRATES - ENI AWARDED A NEW CONCESSION OFFSHORE ABU DHABI

Abu Dhabi National Oil Company (ADNOC) has awarded the concession of exploration rights for Exploration Block 3, located in the north-western offshore of the Emirate of Abu Dhabi, to a consortium led by ENI (which will participate with 70% and will have the role of the operator) together with Thailand's PTTEP (with a 30% share). The consortium's economic commitment is expected to be up to USD 412 million for the drilling and exploration operations necessary to assess the concession area's oil and gas reserves (approximately 11,660 km2, the largest so far awarded by ADNOC). The exploration phase will have a maximum duration of 9 years. If successful, the terms of the concession may be extended to 35 years for the development and production phases of the field in partnership with ADNOC.


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