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UAE’s ADNOC says awards Italy’s Eni stakes in new oil concessions

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Abu Dhabi National Oil Company (ADNOC) said on Sunday it had signed 40-year agreements with Eni, awarding the Italian company a 10 percent stake in its Umm Shaif and Nasr offshore oil concession and a 5 percent stake in Lower Zakum

Source: Reuters – Eni has contributed a participation fee of 2.1 billion dirhams ($575 million) for the Umm Shaif and Nasr offshore concession and a fee of 1.1 billion dirhams for the Lower Zakum oil concession. 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 and are backdated to March 9, 2018, 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 in the statement. Last month, a consortium led by India’s Oil and Natural Gas Corp (ONGC), Japan’s INPEX and Spain’s Cepsa were all awarded stakes in different areas of the offshore concession

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