Eni obtains stake in Abu Dhabi’s two Concession Agreements
Eni signed in Abu Dhabi two Concesssion Agreements to acquire a 5% stake in the Lower Zakum offshore oil field and of a 10% stake in the oil, condensate and gas offshore fields of Umm Shaif and Nasr amounting to 875 million US dollar.
The agreements represent a strategic move for Eni gaining access to a Country with hydrocarbons reserves among the largest in the world. Lower Zakum is located about 65 kilometers off the coast of Abu Dhabi. The discovery dates back to 1963 and production began in 1967. It has a target production of 450,000 barrels of oil per day. Umm Shaif and Nasr are located about 135 kilometers from the coast of Abu Dhabi and have a target production of 460,000 barrels of oil per day.
Eni’s CEO Claudio Descalzi commented: “I’m very pleased about this agreement creating a larger presence for Eni in Middle East, in line with our expansion strategy, and creating a strong alliance with ADNOC and Abu Dhabi. The stakes in the two concessions give access to giant fields with huge potential and Eni is willing to contribute its best technology to maximize the future production.”