Client has awarded the exploration rights to a consortium led by subsidiaries of Italy’s ENI and Thailand’s PTT Exploration and Production Public Company (PTTEP). The awarding has been approved by Abu Dhabi’s Supreme Petroleum Council (SPC). Under the terms of the deal, ENI will operate the exploration phase of the concession, and PTTEP and the Italian company will collectively hold 100 per cent in the exploration phase. They will invest up to Dh1.51 billion ($412 million), including a participation fee, to explore for and appraise oil and gas opportunities in Offshore Block 3. They will have the right to a production concession to develop and produce commercial discoveries; 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 3D seismic survey, which is already acquiring seismic data within the block area and will be used to identify potential hydrocarbon reservoirs. ADNOC has the option to hold a 60 per cent stake in the production phase of the concession. The term of the production phase is 35 years from the commencement of exploration.
Survey works are currently in progress on this scheme.
Work is currently in progress on this scheme.
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