Adnoc closes exploration agreement with Eni, Thailand’s PTT

Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (Adnoc) has awarded a consortium of Italy’s Eni and Thailand’s PTT Exploration and Production to explore for oil and natural gas in Abu Dhabi, with $230 million investments.

Eni will operate the concession and the consortium will fully-own it, according to Bloomberg.

Adnoc will retain 60% of the fields once they begin their production.

“We are engaging with partners who actually put skin in the game,” Adnoc’s CEO Sultan Ahmed Al Jaber commented. 

Mubasher Contribution Time: 12-Jan-2019 11:49 (GMT)
Mubasher Last Update Time: 12-Jan-2019 11:49 (GMT)