Eni has signed up to the two largest concessions that have been carved out of Abu Dhabi’s Adma offshore concession, which expired on 8 March. The Italian firm paid a combined $875mn on 11 March for a 10% stake in the 310,000 b/d Umm Shaif & Nasr concession and 5% at 360,000 b/d Lower Zakum. Eni also agreed to sell a 10% stake in its 24tcf Zohr field offshore Egypt to Abu Dhabi state investment firm Mubadala for $934mn.

At current production rates, Eni ought to secure around 49,000 b/d net annual production from the two concessions (37,000 b/d for 2017 given its entry from March), rising to 69,000 b/d once the assets reach Adnoc’s planned production targets. (CONTINUED - 1218 WORDS)