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UAE's ADNOC says awards Italy's Eni stakes in new oil concessions

Reuters  |  DUBAI 

DUBAI (Reuters) - Abu Dhabi National Oil Company (ADNOC) said on Sunday it had signed 40-year agreements with Eni, awarding the Italian company a 10 percent stake in its Umm Shaif and Nasr offshore oil concession and a 5 percent stake in Lower Zakum.Eni has contributed a participation fee of 2.1 billion dirhams ($575 million) for the Umm Shaif and Nasr offshore concession and a fee of 1.1 billion dirhams for the Lower Zakum oil concession, ADNOC said in a statement. The signing ceremony in Abu Dhabi was attended by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan and Italian premier ...

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First Published: Mon, March 12 2018. 08:58 IST
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