Offshore Abu Dhabi gas project moves closer to FID

Oct. 29, 2024

PTTEP expects the Eni-led partnership to take FID next year on the Abu Dhabi Offshore 2 gas project.

Related To: PTTEP

In February 2022, ADNOC announced the discovery of natural gas resources offshore of the Emirate of Abu Dhabi. Interim results at the time from the first exploration well in Abu Dhabi’s Offshore Block 2 Exploration Concession operated by Eni, indicated between 1.5 TCF and 2 Tcf of raw gas in place.

PTTEP expects the Eni-led partnership to take FID next year on the Abu Dhabi Offshore 2 gas project.

This follows approval from Abu Dhabi’s government last month for the development plan; the project is located in the offshore northwest area.

Two years ago, the partnership discovered large volumes of gas in a deeper zone via the XF-002 exploration well.

Abu Dhabi Offshore 3, also operated by Eni in the same northwest area, is undergoing a geological study and further evaluation of the petroleum potential, ahead of planned appraisal and exploration drilling in 2025-2026.

Elsewhere, PTTEP has entered an agreement to sell its 16.67% interest in the offshore Mexico Block 29 (2.4) project to Repsol, and it expects to close the transaction by the end of the year.

Finally, PTTEP has established a new energy transition entity, Xplor Ventures Co., to invest in corporate venture capital in future energies, decarbonization and technologies that could support the E&P Deep Tech business.