Abu Dhabi National Oil Co. (ADNOC) said on Nov. 13 it has granted Italian oil major Eni a 40-year concession, awarding it a 25% stake in its offshore ultra-sour gas mega project.
Eni will contribute 25% of the development cost of the multibillion dollar project, ADNOC said in a statement announcing the signing of the pact.
ADNOC added that it is in discussion with other potential partners for the remaining 15% stake in the Ghasha concession.
The Ghasha Concession consists of the Hail, Ghasha, Dalma and other offshore fields.
Recommended Reading
Crescent Energy Bolts On $905MM Central Eagle Ford Acreage
2024-12-03 - Crescent Energy will purchase Eagle Ford assets from Carnelian Energy Capital Management-backed Ridgemar Energy for $905 million, plus WTI-based contingency payments of up to $170 million.
Vitesse Energy to Buy Bakken Pureplay Lucero in $220MM Deal
2024-12-16 - Vitesse Energy will acquire Lucero Energy’s Bakken/Three Forks assets, including 25 net remaining locations, 1.9 net DUCs and 20 wells that are candidates for recompletions.
Asia, EU Buyers Warming Up to US Shale M&A Again—Jefferies
2024-10-29 - Foreign asset buyers are considering U.S. upstream M&A to lower their LNG supply costs and avoid windfall taxes on European operations, Jefferies Managing Director Bill Marko says.
Reuters: Northern Oil and Gas in Bid to Acquire Smaller Rival Granite Ridge, Sources Say
2024-12-20 - Northern Oil and Gas has made an acquisition offer for Granite Ridge Resources, according to people familiar with the matter.
Crescent to Double, Largely Through M&A, in the Next Five Years, CEO Says
2024-10-23 - Crescent Energy CEO David Rockecharlie said that after closing the SilverBow acquisition, the company is continuing to hunt for new assets, although few make it past the company’s screening process.