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$1.8 Billion Eni-Abu Dhabi Deal Signed
15 March 2018, 12:33 | Brandon Parsons
Eni sells 10 percent of Egypt's Shorouk concession to Mubadala Petroleum
Eni won a stake in the Lower Zakum crude deposit and the right to develop a separate area containing the Umm Shaif and Nasr fields, the people said, asking not to be identified because the information is private.
The stake in the offshore Shorouk concession is confirmed to be covering the massive Zohr gas field in the Mediterranean Sea.
Of the total fee, $575 million was paid for the stake in the Umm Shaif and Nasr concession, and $300 million for Lower Zakum.
Some 90 percent of the UAE's oil reserves are located in the Gulf country's capital Abu Dhabi.
With its new partners, ADNOC hopes to raise output to 1.125 million b/d, from around 700,000 b/d at present. The signing was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, and His Excellency Paolo Gentiloni, Prime Minister of Italy.
Umm Lulu, the largest single oil field up for offer, has attracted winning bids from an Indian consortium led by ONGC Videsh, and Japan'sInpex.
In what's almost a $1 billion commitment, Italian energy company Eni said it made its Emirati debut in an agreement with the Abu Dhabi National Oil Company.
The Italian firm owns owns 60 per cent of the Shorouk concession, with Rosneft holding 30 per cent and British Petroleum 10 per cent. The award adds a new destination to Eni's Middle East operations, which include exploration and production in Libya, Iraq, Oman and Egypt. Adnoc "is looking to find a balance in its strategic partners" between those from major oil-importing nations such as Japan and India and global oil companies with technology and project expertise, he said.
ADNOC hopes to increase production at the Umm Shaif and Nasr concession to 460,000 b/d, from around 300,000 b/d now, as well as producing 500 MMcf/d of gas.
Eni has agreed to sell a 10% stake in the Shorouk concession offshore Egypt to Abu Dhabi's Mubadala Petroleum for $934 million.
"Our partnership with Eni, and other concession partners, will enable us to accelerate our growth, increase revenue and improve integration across the upstream value chain", ADNOC Chief ExecutiveSultan Al-Jaber said in the statement.
The Zohr super-giant gas field was successfully started-up in December 2017, in only 28 months after its discovery, and is now producing 400 million f3/d.
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