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  • H.H. Sheikh Mohamed bin Zayed and Italy’s Prime Minister Paolo Gentiloni Witness Signing of Historic Agreements Between ADNOC and Eni
    édité le 12/03/2018 - Plus de news de "ADNOC" - Voir la fiche entreprise de "ADNOC"


H.H. Sheikh Mohamed bin Zayed and Italy’s Prime Minister Paolo Gentiloni Witness Signing of Historic Agreements Between ADNOC and Eni
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, witnessed, the signing of two historic agreements awarding Italy’s multinational oil and gas company Eni stakes in two of Abu Dhabi’s offshore concession areas.

Under the terms of the agreements, Eni has been awarded a 10% interest in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession. The awards mark the first time an Italian energy company has been given concession rights in Abu Dhabi’s oil and gas sector.

Prime Minister Gentiloni underscored the importance of the agreements between Eni and ADNOC as a significant confirmation of the strategic partnership between Italy and the UAE and as a fundamental milestone for further enhancing the excellent bilateral cooperation among the two countries.

Eni contributed a participation fee of AED 2.1 billion (US $575 million) to enter the Umm Shaif and Nasr concession and a fee of AED 1.1 billion (US $300 million) to enter the Lower Zakum concession. Both concessions will be operated by ADNOC Offshore, a subsidiary of ADNOC, on behalf of all concession partners.

The agreements, which have a term of 40 years, backdated to March 9, 2018, were signed by His Excellency Dr. Sultan Ahmed Al Jaber, ADNOC Group Chief Executive Officer, and Claudio Descalzi, CEO of Eni.

H.E. Dr. Al Jaber said: “These agreements underline the international market’s confidence in ADNOC’s long-term growth plans and the UAE’s stable and reliable investment environment. They also broaden and diversify our partnership base, in line with the leadership’s directives, while contributing experience, technology, capital and market access.

“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, as part of our ongoing transformation and build on the foundations that have been laid to deliver a more profitable upstream business.

“With these agreements, ADNOC continues to leverage its 46-year legacy of successful energy partnerships, in support of its 2030 strategy. They will enhance its ability to capitalize on key trends which are driving growing energy demand and ensure ADNOC continues to deliver long-term, robust and sustainable returns for the nation’s benefit,” H.E. Dr. Al Jaber added.

Eni is active in 73 countries, including Italy, North, West and East Africa, the Norwegian Continental Shelf, the Gulf of Mexico, the Caspian Sea, Indonesia and Australia, and Southern Europe, the Middle and Far East, the Eastern Mediterranean, the Russian Barents Sea and Alaska.

Upstream, Eni’s project management skills and field development experience have enabled it to reduce the time-to-market of new projects significantly. In 2017 the company achieved a daily average crude production of 1.8 million bpd.

Downstream, Eni has more than 60 years of experience in developing and operating refineries and has six refineries in Italy from which it produces fuel and lubricants which are sold in 23 countries. The company also has a strong petrochemicals division.

Descalzi said: “Eni is committed to apply its experience in the development and production of world-class oil and gas resources, as well as Eni’s technology portfolio, in support of ADNOC’s objectives to cost-effectively increase production capacity, efficiently manage the concessions’ assets and sustain the plateau through targeted enhanced oil recovery programs, at competitive cost.

“Eni also believes further collaboration with ADNOC in the downstream would create synergies, bringing mutual benefits from capital, resources and knowledge sharing, and would create significant added value to ADNOC’s refining assets.”

The Umm Shaif and Nasr, and Lower Zakum concessions, along with the SARB and Umm Lulu concession areas, have been created from the former ADMA offshore concession, with the aim of maximizing commercial value, broadening the partner base, expanding technical expertise, and enabling greater market access.

Eni joins an Indian consortium, led by ONGC Videsh, and Japan’s INPEX as stakeholders in the Lower Zakum concession. ADNOC is finalizing opportunities, with potential partners, for the remaining 15% of the available 40% stake in the Lower Zakum concession, and for the remaining 30% stake in the Umm Shaif and Nasr concession. ADNOC retains a 60% majority share in both concessions.

About the Abu Dhabi National Oil Company (ADNOC)

ADNOC is one of the world’s leading oil and gas companies and is fully owned by the government of the Emirate of Abu Dhabi. The company was founded in 1971 and is active in all areas of the oil and gas industry.
It has 17 specialized subsidiaries and joint ventures operating in both upstream and downstream sectors. The ADNOC Group is active in the United Arab Emirates and across the whole world and produces more than 2.7 million boe a day. In the past few years, significant achievements were made in the expansion of the development of gas fields to meet the increased demand from industry gas users; and gas injection requirements in order to enhance the oil and condensate recovery from the producing fields.
While carrying out all its business activities, ADNOC is committed to sustainable development, ensuring a harmonious balance between people’s needs and Earth’s resources, adhering to the best international practices and supporting all programs and initiatives of environment protection while its track record in HSE sets the standard not only at the regional Gulf level but at the international level as well.

About ENI

Eni is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.


Origine : Communiqué ADNOC

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