It's the first time that Eni gets rights to Abu Dhabi's oil and natural gas sector.
Abu Dhabi Crown Prince Sheikh Mohamed Bin Zayed and Italy's Prime Minister Paolo Gentiloni attended the signing ceremony, UAE's state news agency WAM reported. Under the terms of the agreements, Eni has been awarded a 10% interest in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession.
Rome-based Eni is the fourth worldwide company to secure rights to one of Adnoc's new offshore concessions and the first to sign up for the Umm Shaif and Nasr block.
Eni contributed a participation fee of AED 2.1 billion (US $575 million) to enter the Umm Shaif and Nasr concession and a fee of AED 1.1 billion (US $300 million) to enter the Lower Zakum concession. Adnoc will keep a 60 percent stake in each of the new offshore concessions.
The agreement was signed by HE Khaldoon Khalifa Al Mubarak, Group CEO and managing director of Mubadala Investment Company, on behalf of Mubadala Petroleum and Claudio Descalzi, CEO of Eni. Adnoc "is looking to find a balance in its strategic partners" between those from major oil-importing nations such as Japan and India and global oil companies with technology and project expertise, he said. "They will enhance its ability to capitalize on key trends that are driving growing energy demand and ensure ADNOC continues to deliver long-term, robust and sustainable returns for the nation's benefit", H.E. Dr. Al Jaber added.
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Spanish refiner Cia Espanola de Petroleos SA paid $1.5 billion for a 20 percent stake in the Sateh Al Razboot and Umm Lulu fields in a deal announced February 18.
Discovered in 2015, the Zohr field is estimated to have potential resources of more than 30Tcf of gas in place. A group of Indian companies paid $600 million for rights to 10 percent of Lower Zakum on February 10, and Japan's Inpex Corp. bought the same-sized stake last month.
Umm Lulu, the largest single oil field up for offer, has attracted winning bids from an Indian consortium led by ONGC Videsh, and Japan's Inpex.
The Italian energy giant is now holds a stake of 60% via its subsidiary IEOC with the other partners being Rosneft and BP, which own stakes of 30% and 10%, respectively. "This represents a further signal about the strength and quality of this world-class asset developed by Eni".