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Eni acquires two offshore producing oil and gas assets (UAE)

The Italian oil and gas group Eni has acquired stakes in two offshore oil and gas concessions in the United Arab Emirates (UAE) over a 40-year period for a total consideration of US$875m. The agreement includes a 5% interest in the Lower Zakum offshore oil field for US$575m and a 10% share in the oil, condensate and gas offshore fields of Umm Shaif and Nasr for US$300m. This agreement is a strategic landmark for Eni, which now gains access to additional offshore hydrocarbon reserves for a 40-year term.



The Lower Zakum field is located 65 km off the coast of Abu Dhabi and currently produces 400,000 bbl/d of crude oil; it has a target production of 450,000 bbl/d by 2025. The Umm Shaif and Nasr fields are located 135 km from the coast and have a target output of 460,000 bbl/d.



In February 2018, an Indian consortium led by ONGC Videsh Ltd (OVL) acquired a 10% stake in the Lower Zakum concession for a price of AED2.2bn (US$600m). National oil company ADNOC Offshore is the operator of both concessions with a 60% stake.

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