Offshore staff
ABU DHABI, UAE – ADNOC has awarded Eni and PTTEP offshore block 3 in Abu Dhabi’s second competitive block licensing round.
Eni will have a 70% operated stake in the block, with PTTEP the remaining 30%.
Located northwest of the Emirate, offshore block 3 covers an area of about 11,660 sq km (4,502 sq mi).
According to ADNOC, the companies are expected to spend about AED1.51 billion ($412 million) toward exploration and appraisal drilling.
The exploration phase runs for a maximum of nine years – if successful, the concession will be extended to 35 years for the development and production phases. ADNOC has the option to hold a 60% stake in the production phase of the concession.
In addition, Eni and PTTEP will leverage and contribute financially and technically to ADNOC’s mega seismic survey, which is already acquiring data within the block area.
In January 2019, the companies were awarded offshore blocks 1 and 2.
12/21/2020
