Chief executive officers of Eni and the Abu Dhabi National Oil Company (ADNOC) met in Abu Dhabi to discuss the progress of the Italian firm’s activities in Abu Dhabi and future projects of common interest.
UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO Ahmed Al Jaber and Eni’s Chief Executive Officer Claudio Descalzi expressed the desire of both companies to accelerate the existing development project and the time-to-market of new exploration discoveries and international activities, in line with the common decarbonization strategy and to contribute to increasing worldwide gas supply.
Al Jaber and Descalzi discussed the acceleration of the multi-billion-dollar Ghasha project. The project is estimated to hold significant recoverable gas and is expected to produce more than 1.5 billion cubic feet of gas per day in addition to more than 120,000 barrels of high-value oil and condensates per day.
Descalzi illustrated fast-track development options for the recent significant gas discovery in its first exploration well drilled in Offshore Block 2 Abu Dhabi, leveraging the other projects currently under execution as well as utilizing existing ADNOC facilities to optimize costs and accelerate common production targets. Eni has a 70 percent stake and is the operator of Block 2, with partner PTTEP holding the remaining 30 percent.
Furthermore, the two CEOs analyzed several initiatives aimed at strengthening the partnership in the frame of the energy transition by deploying renewable energy projects and other initiatives to reduce carbon intensity, with a focus on the development of a carbon capture usage and storage project, to offset carbon emissions and deliver significant environmental, social, and economic benefit to involved stakeholders.
Eni has been present in Abu Dhabi since 2018. It operates Blocks 1, 2, and 3 with a 70 percent interest. All three are in the exploration phase and located offshore.
Eni also holds a 25 percent interest in the Ghasha offshore concession currently in the development phase. Finally, Eni holds interest in the giant Lower Zakum and Umm Shaif/Nasr offshore producing concessions which are currently in the production phase. The Italian oil firm holds 5 percent in Lower Zakum and 10 percent in Umm Shaif/Nasr.
The company also holds a 20 percent stake in ADNOC Refining, which operates in the Ruwais and Abu Dhabi areas, with an overall refining capacity of more than 900,000 barrels a day. The Ruwais complex is fourth in the world in terms of production.
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