Eni SPA has signed two concession agreements to establish a long-term presence in the UAE.
For $875 million and a 40-year term, Eni agreed to acquire a 5% stake in the Lower Zakum offshore oil field and a 10% stake in the oil, condensate, and gas offshore fields of Umm Shaif and Nasr.
ADNOC Offshore is operator in both concessions with a 60% stake.
Lower Zakum lies 65 km offshore Abu Dhabi. Discovered in 1963 with first production in 1967, the field has a target production of 450,000 b/d. ADNOC earlier awarded, in separate transactions, a 10% interest in the concession to a group of state-owned Indian companies led by ONGC Videsh Ltd., and a 10% interest to Inpex Corp., Tokyo (OGJ Online, Feb. 12, 2018; OGJ Online, Feb. 27, 2018).
Umm Shaif and Nasr are 135 km from the coast of Abu Dhabi and have a target production of 460,000 b/d.
