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PTTEP and its partner win a new offshore exploration block in UAE
Bangkok, December 21, 2020 - PTTEP together with its strategic partner Eni are once again awarded a new exploration block - Offshore Block 3, the largest offshore exploration block opened in 2019 for the concession bidding in the United Arab Emirates (UAE). This investment expansion provides PTTEP more opportunity to strengthen its investment portfolio in the Middle East.
Mr. Phongsthorn Thavisin, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP) revealed that its subsidiary, PTTEP MENA Limited and Eni Abu Dhabi B.V. (Eni), a subsidiary of Italy-based oil and gas company Eni, were together the successful bidders and awarded the concession for Offshore Block 3 from the Abu Dhabi National Oil Company (ADNOC), the UAE s national oil company, on behalf of Abu Dhabi s Supreme Petroleum Council.
ADNOC has signed an exploration concession agreement with a consortium led by Eni and PTTEP.
The Abu Dhabi National Oil Company (ADNOC) revealed Monday that it has signed an exploration concession agreement with a consortium led by Eni Abu Dhabi B.V., a wholly-owned subsidiary of Eni (NYSE: E), and PTTEP MENA Ltd., a wholly-owned subsidiary of PTT Exploration and Production Public Company Limited (BKK: PTTEP).
The deal, which has been approved by Abu Dhabi’s Supreme Petroleum Council (SPC), awards the exploration rights for Abu Dhabi’s Offshore Block 3 to the consortium. Under the terms of the agreement, Eni will operate the exploration phase of the concession. PTTEP and Eni will collectively hold a 100 percent stake in the exploration phase, investing up to $412 million (AED1.51 billion) towards exploration and appraisal drilling, including a participation fee, to explore for and appraise oil and gas opportunities in the block.
A general introduction to oil and gas law in United Arab Emirates
An extract from The Oil and Gas Law Review, 8th Edition
Introduction
The United Arab Emirates (the UAE) produced an average of 3 million barrels of crude oil per day in 2019, maintaining its position as the fourth-ranked OPEC member (and eighth-ranked country worldwide) in terms of crude oil production. In May 2020, daily production decreased to 2.45 million barrels of crude oil per day in response to reduced OPEC targets, a reduction in crude oil prices and the effects of the covid-19 pandemic. Further reductions for the remainder of 2020 are possible, but the UAE is expected to retain its ranking in terms of global production. Ninety-five per cent of the UAE s proven oil reserves are based in the emirate of Abu Dhabi (Abu Dhabi), one of the seven emirates of the UAE, and Abu Dhabi s production accounts for almost all, if not all, of the oil exported from the UAE.