Abu Dhabi National Oil Co. (ADNOC) said on Nov. 13 it has granted Italian oil major Eni a 40-year concession, awarding it a 25% stake in its offshore ultra-sour gas mega project.
Eni will contribute 25% of the development cost of the multibillion dollar project, ADNOC said in a statement announcing the signing of the pact.
ADNOC added that it is in discussion with other potential partners for the remaining 15% stake in the Ghasha concession.
The Ghasha Concession consists of the Hail, Ghasha, Dalma and other offshore fields.
China 2023 Oil Refinery Output Forecast to Rise 8% on Demand Recovery
2023-03-27 - China's oil refinery throughput this year is forecast to rise 7.8% as the country continues to rebuild its economy following strict COVID-19 controls, according to a think tank of state energy group CNPC.
Barclays Cuts 2023 Oil Price Forecasts on Resilient Russian Output
2023-03-08 - The cut is due in part to more resilient output from Russia than expected.
Russian Oil and Gas Budget Revenues May Fall US$700MM in May
2023-05-18 - Russia's oil and gas revenues may reach 593 billion roubles, down from 648 billion roubles in April and 886 billion roubles in May 2022.
Oil Gains After IEA Sees Demand Rising to Record High
2023-04-14 - The IEA said world oil demand is set to grow by 2 MMbbl/d in 2023 to a record 101.9 MMbbl/d, driven in most part by stronger Chinese consumption after the lifting of COVID restrictions.
Value of Russian Exports Falls 35% in Q1 as Oil Price Cap Bites
2023-04-20 - A fall in exports and a recovery in imports helped push the rouble this month to its weakest level in more than a year.