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Eni, PTT ink 35-year deal to explore offshore Abu Dhabi

Italian independent oil and gas firm Eni SpA and Thailand state-owned PTT Exploration and Production Public Co. Ltd. through its subsidiary PTTEP MENA Ltd. have been awarded the rights to explore for oil and natural gas offshore Abu Dhabi.

Eni said Jan. 12 the two firms committed to invest at least US$230 million to assess two offshore blocks through concession agreements with the Abu Dhabi National Oil Co. that last for 35 years.

The blocks, which were awarded during the first open block licensing strategy in the country, consist of an area spanning 8,000 square kilometers.

PTT Exploration and Production holds a 30% stake in the blocks while Eni owns a 70% interest.

ADNOC has the option to retain 60% of the fields upon reaching the production phase.