Eni, PTTEP win Abu Dhabi offshore block

Abu Dhabi

ABU DHABI, December 21, 2020 – Abu Dhabi’s ADNOC has awarded the first offshore block in the emirate’s second competitive bid round to a consortium of Italy’s Eni and Thailand’s PTTEP, the NOC announced on Monday.

Offshore Block 3 is expected to see an investment of USD 412 million during the exploration phase.

The award follows Occidental’s success in taking a 100% stake in the exploration phase of Block 5 earlier this month.

Companies will have the right to pursue a 35-year production phase if a commercial discovery is made.

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