Italy’s Eni and Abu Dhabi National Oil Company (ADNOC) are exploring opportunities to boost gas supply security amid a global energy crises.
The two parties intend to jointly work to accelerate the Ghasha gas development project and the time-to-market of new exploration discoveries and activities globally.
Claimed to be world’s largest offshore sour gas development with significant recoverable gas, the Ghasha project comprises the Hail, Ghasha, and Dalma fields offshore the UAE.
The project is expected to produce more than 1.5 billion cubic feet of gas per day and over 120,000 barrels of high-value oil and condensates per day.
At a meeting with ADNOC managing director and group CEO Dr Sultan Ahmed Al Jaber, Eni CEO Claudio Descalzi demonstrated options for accelerating the development of the recent significant gas discovery in Block 2, offshore Abu Dhabi.
The move would utilise existing ADNOC facilities to accelerate common production targets while optimising costs.
Eni operates Block 2 with a 70% stake while Thailand’s PTTEP owns the remaining 30% interest.
In a press statement, Eni said: “Furthermore, Dr. Al Jaber and Mr. Descalzi analysed several initiatives aimed at strengthening the partnership in the frame of energy transition by deploying renewable energy projects and other initiatives to reduce carbon intensity, with focus on the development of a carbon capture usage and storage (CCUS) project, to offset carbon emissions and deliver significant environmental, social, and economic benefit to involved stakeholders.”
Eni currently operates Blocks 1, 2, and 3 offshore Abu Dhabi, with a 70% interest. It also owns a 25% stake in the Ghasha offshore concession.
The Italian firm also holds stakes in the giant Lower Zakum and Umm Shaif/Nasr offshore producing concessions, as well as a 20% stake in ADNOC Refining, which operates in the Ruwais and Abu Dhabi areas.