ADNOC and Eni Assess Projects, Gas Supply Collaboration

ADNOC and Eni Assess Projects, Gas Supply Collaboration

/ Oil & Gas / Tuesday, 13 September 2022 13:02

Eni and ADNOC discussed the progress of their activities in Abu Dhabi, future projects and areas of common interest and collaboration to accelerate their current project as well as the time-to-market of new exploration discoveries and international activities. The subjects were in keeping with their common decarbonization strategies and purposes of contributing to global gas supplies, Eni said in a statement.

The statement noted that His Excellency Dr. Sultan Ahmed Al Jaber, UAE minister of Industry and Advanced Technology and Abu Dhabi National Oil Company (ADNOC) managing director and group CEO, and Claudio Descalzi, Eni's chief executive officer, discussed the acceleration of the multi-billion-dollar Ghasha project, which is estimated to hold significant recoverable gas and is expected to produce more than 1.5 billion cubic feet of gas per day (bcfd) in addition to over 120,000 barrels of high-value oil and condensates per day.

According to the statement, Descalzi also explained fast-track development options for the recent significant gas discovery in its first exploration well drilled in Offshore Block 2 Abu Dhabi, leveraging the other projects currently under execution as well as utilizing existing ADNOC facilities with the aim of optimizing costs and accelerating common production targets. Eni has a 70% stake and is operator of Block 2, with partner PTTEP holding the remaining 30%.

As per the statement, Al Jaber and Descalzi analyzed several initiatives aimed at strengthening the partnership in energy transition by deploying renewable energy projects. Other initiatives they discussed seek to reduce carbon intensity, focusing on developing a carbon capture usage and storage (CCUS) project to offset carbon emissions.

Eni has been present in Abu Dhabi since 2018. Eni operates Blocks 1, 2 and 3 with a 70% interest, in exploration phase, offshore Abu Dhabi. Eni also holds a 25% interest in the Ghasha offshore concession, in development phase. Finally, Eni holds an interest in the giant Lower Zakum (5%) and Umm Shaif/Nasr (10%) offshore producing concessions, in production phase. Eni also holds a 20% stake in ADNOC Refining, which operates in the Ruwais and Abu Dhabi areas, with an overall refining capacity of more than 900,000 barrels a day. The Ruwais complex is fourth in the world in terms of production.

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