Media ININ Economy We Trust
Media In / WAM – 13 November 2018
Abu Dhabi National Oil Company (ADNOC) announced today that it has entered into an agreement with Italian oil and gas company Eni, in which the latter acquired a 25% stake in a giant sour gas project, which includes the Gasha, Ghala, ” Navy.
Under the terms of the agreement – the first high-acid gas concession agreement – ENI holds 25% of the development cost of the multi-billion dollar project.
The announcement follows the adoption by the Supreme Petroleum Council of ADNOC’s new gas plan aimed at maximizing the value of gas reserves in Abu Dhabi and supporting the UAE’s efforts to achieve gas self-sufficiency and exportability.
The agreement, which is valid for 40 years, was signed by Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies and Claudio Discalzi, CEO of ENI
