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An Italian multinational oil and gas company has been given concession rights for the first time in Abu Dhabi's oil and gas sector.
On Sunday, Abu Dhabi National Oil Company (Adnoc) entered into two agreements with Eni awarding it stakes in two of its offshore concession areas.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Paolo Gentiloni, Prime Minister of Italy, witnessed the signing of two agreements involving Dh3.2 billion participation fees for Umm Shaif and Nasr, and Lower Zakum concessions.
Gentiloni underscored the importance of the agreements as a fundamental milestone for further enhancing the excellent bilateral cooperation between the two countries.
Dr Sultan Ahmed Al Jaber, Adnoc Group Chief Executive Officer, and Claudio Descalzi, CEO of Eni, signed the agreements, which have a term of 40 years, backdated to March 9, 2018.
Dr Al Jaber said the agreements underlined the international market's confidence in Adnoc's long-term growth plans and the UAE's stable and reliable investment environment. With these agreements, Adnoc continues to leverage its 46-year legacy of successful energy partnerships, in support of its 2030 strategy. They will enhance its ability to capitalise on key trends which are driving growing energy demand and ensure Adnoc continues to deliver long-term sustainable returns for the nation's benefit."
Descalzi said: "Eni is committed to apply its experience in the development and production of world-class oil and gas resources in support of Adnoc's objectives to cost-effectively increase production capacity, at competitive cost."
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