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UAE Stakes for Italy's Eni

UAE Stakes for Italy's Eni UAE Stakes for Italy's Eni

Abu Dhabi National Oil Company said on Sunday it has signed 40-year agreements with Eni, awarding the Italian company a 10% stake in its Umm Shaif and Nasr offshore oil concession and a 5% stake in Lower Zakum. Eni has contributed a participation fee of $575 million for the Umm Shaif and Nasr offshore concession and a fee of $287 million for the Lower Zakum oil concession, ADNOC said in a statement, Bloomberg reported.  The signing ceremony in Abu Dhabi was attended by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan and Italian premier Paolo Gentiloni. “The awards mark the first time an Italian energy company has been given concession rights in Abu Dhabi’s oil and gas sector,” ADNOC said in the statement. The agreements with Eni have a term of 40 years, ADNOC said. “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,” ADNOC Chief Executive Sultan Al-Jaber said.

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