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Industrial Valve Summit

ENI strengthens in UAE

inIVS 2019

ENI strengthens in UAE

ABU DHABI, UAE 
ENI signed Long Term agreements with ADNOC on concessions offshore the UAE coasts.
These cover a 5% stake in the Lower Zakum offshore oil field, while the other is for a 10% share in the offshore oil, condensate and gas fields of Umm Shaif and Nasr.
The contract covers 40 years of concessions for which the Italian oil company is paying $875 million. Combined production is over 900,000 b/d in a 50/50 split and ADNOC operates with a 60% stake. This will increase ENI’s market share in the crucial Middle East market with a low risk project that will assure a healthy stream of cash and a strategic partnership with an important Middle East player.

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