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|13 November, 2018

UAE's ADNOC awards 40-yr concession to Italy's Eni for gas project

Eni will contribute 25% of the development cost of the multi-billion dollar project

The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018.

The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018.

REUTERS/Alessandro Bianchi

ABU DHABI - Abu Dhabi National Oil Company (ADNOC) said on Tuesday it has granted Italian oil major Eni a 40-year concession, awarding it a 25 percent stake in its offshore ultra-sour gas mega project.

Eni will contribute 25 percent of the development cost of the multi-billion 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 percent stake in the Ghasha concession.

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The Ghasha Concession consists of the Hail, Ghasha, Dalma and other offshore fields.

(Reporting by Rania El Gamal; Editing by by Simon Cameron-Moore) ((asma.alsharif@thomsonreuters.com; +20225783290; Reuters Messaging: asma.alsharif.reuters.com@reuters.net))