Adnoc awards AED3.2 billion concession to Eni

ABU DHABi / WAM

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Paolo Gentiloni, Prime Minister of Italy, witnessed the signing of two historic agreements awarding Italy’s multinational oil and gas company Eni stakes in two of Abu Dhabi’s offshore concession areas.
Under the terms of the agreements, Eni has been awarded a 10% interest in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession. The awards mark the first time an Italian energy company has been given concession rights in Abu Dhabi’s oil and gas sector.
Prime Minister Gentiloni underscored the importance of the agreements between Eni and Adnoc as a significant confirmation of the strategic partnership between Italy and the UAE and as a fundamental milestone for further enhancing the excellent bilateral cooperation among the two countries. Eni contributed a participation fee of AED2.1 billion ($575 million) to enter the Umm Shaif and Nasr concession and a fee of AED 1.1 billion ($300 million) to enter the Lower Zakum concession. Both concessions will be operated by Adnoc Offshore, a subsidiary of Adnoc, on behalf of all concession partners.
The agreements, which have a term of 40 years, backdated to March 9, 2018, were signed by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State, Adnoc Group CEO, and Claudio Descalzi, CEO of Eni. Dr Al Jaber said: “These agreements underline the international market’s confidence in Adnoc’s long-term gro-wth plans and UAE’s stable and reliable investment environment. They also broaden and diversify our partnership base, in line with the leadership’s directives, while contributing experience, technology, capital and market access.”

Mubadala-Eni deal for stake in Egypt Shorouk concession
Abu Dhabi / WAM

Mubadala Petroleum and Italy’s Eni signed an agreement to purchase a 10 percent stake in the Egyptian Shorouk Concession. The signing ceremony was presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Paolo Gentiloni, Prime Minister of the Republic of Italy. The stake in the offshore Shorouk Concession encompasses the giant Zohr gas field located in the Mediterranean Sea.
Attending the signing in Abu Dhabi was HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.