January 12, 2019 / 5:59 AM / 2 months ago

Abu Dhabi awards Eni, PTTEP consortium two offshore exploration blocks in licensing round

ABU DHABI, Jan 12 (Reuters) - Abu Dhabi National Oil Co. (ADNOC) said on Saturday it awarded a consortium formed by Italy’s Eni and Thailand’s PTTEP two offshore exploration blocks.

Eni will be the operator of the blocks, holding together with PTTEP a 100 percent stake in the exploration phase, it said in a statement.

The two companies will invest at least $230 million in the exploration phase and ADNOC has the option to hold 60 percent in the production phase, if a commercial discovery is made, it said. (Reporting by Rania El Gamal and Mahal by Maher Chmaytelli; Editing by Kim Coghill)

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