Eni Takes 25% Stake in Abu Dhabi Offshore Gas Project
November 13 2018 - 1:56AM
Dow Jones News
By Nathan Allen
ENI SpA (ENI.MI) said Tuesday that it has signed an agreement
with Abu Dhabi National Oil Co. to take a 25% stake in the Ghasha
gas project off the coast of the United Arab Emirates.
The Ghasha Concession, which has a term of 40 years, comprises
the Hail, Ghasha, Dalma and other offshore fields, located in the
Al Dhafra region of the country, ENI said.
Under the terms of the deal, ENI will contribute 25% of the
development costs.
With recoverable reserves of several trillion cubic feet, the
project should produce more than 1.5 billion cubic feet of gas per
day once it comes online in the middle of the next decade, ENI
said.
It will also produce more than 120,000 barrels of oil and high
value condensate per day, the company said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 13, 2018 01:41 ET (06:41 GMT)
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