United Arab Emirates’ Abu Dhabi National Oil Co. (ADNOC) has awarded Italian energy group Eni and Thailand’s PTT Exploration and Production (PTTEP) the license to explore Offshore Block 3, the companies said in separate statements on Dec. 21.
ADNOC said the consortium, of which Eni will hold 70% and PTTEP 30%, will invest up to $412 million during the exploration phase.
The concession expires in 35 years if the exploration phase, which can last for up to nine years, is successful.
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