United Arab Emirates’ Abu Dhabi National Oil Co. (ADNOC) has awarded Italian energy group Eni and Thailand’s PTT Exploration and Production (PTTEP) the license to explore Offshore Block 3, the companies said in separate statements on Dec. 21.
ADNOC said the consortium, of which Eni will hold 70% and PTTEP 30%, will invest up to $412 million during the exploration phase.
The concession expires in 35 years if the exploration phase, which can last for up to nine years, is successful.
Recommended Reading
Mike Wirth: The ‘Remarkable’ Rise Of Chevron’s Permian Portfolio
2024-08-20 - Chevron aims to grow Permian volumes past 1 MMboe/d in 2025—less than a decade after it averaged less than 100,000 boe/d from legacy holdings in West Texas and New Mexico, Chevron CEO Mike Wirth said.
CEO: Vital to Chase Less-developed Delaware Zones with $1.1B Deal
2024-07-29 - With the acquisition of Point Energy Partners, Vital Energy is growing in the Texas Delaware Basin—where Vital has already done several deals and has worked to optimize drilling and spacing designs.
Exclusive: Aethon M&A Gambit Pays Off with Woodside-Tellurian Deal
2024-08-07 - Aethon Energy, already a large LNG feed-gas supplier, sees Woodside’s acquisition of Tellurian and the Driftwood LNG project as a validation of the natural gas industry’s prospects.
Enservco Sells Colorado-based Assets to HP Oilfield Services
2024-08-12 - Oilfield service company Enservco also announced its acquisition of Buckshot Trucking is expected to close soon.
The OGInterview: CEO Tom Jorden on Coterra’s ‘Meritocracy of Ideas’
2024-08-05 - Coterra Energy took an against-the-grain stance on consolidation long before merger mania hit the U.S. E&P space, and it’s paying—to its shareholders—meaningful dividends.