Abu Dhabi National Oil Company (ADNOC) and Italian energy giant Eni are assessing fast-track development options for Offshore Block 2 to increase global gas supply, Eni said on Monday.
In July 2022, Eni announced a significant gas discovery in its first exploration well drilled in Offshore Block 2 Abu Dhabi.
ADNOC’s Managing Director and Group CEO Dr Sultan Ahmed Al Jaber, and Eni CEO Claudio Descalzi met in Abu Dhabi on September 12 to discuss future projects and areas of common interest and collaboration, with the “aim to accelerate the existing development project and the time-to-market of new exploration discoveries and international activities,” Eni said.
The Italian major said two projects in the UAE can be fast-tracked, including the Ghasha sour gas development, which “is estimated to hold significant recoverable gas,” and is expected to produce more than 1.5 Bcf/d in addition to more than 120,000 barrels of high-value oil and condensates per day.
Eni wants to fast-track Offshore Block 2 development
Eni boss Descalzi also illustrated fast-track development options for the recent significant gas discovery in its first exploration well drilled in Offshore Block 2 Abu Dhabi, leveraging the other projects currently under execution as well as utilizing existing ADNOC facilities with the aim to optimize costs and accelerate common production targets. Eni didn’t disclose any timelines for fast-tracking the projects.
Eni has a 70% stake and is Operator of Block 2, with partner PTTEP that holds the remaining 30%.
As part of its active upstream activity, ADNOC is forging ahead with an expansion of its hydrocarbons and low-carbon businesses under a plan to spend $127 billion between 2022 and 2026.
During the meeting, Al Jaber and Descalzi also discussed initiatives aimed at strengthening the partnership for energy transition by deploying renewable energy projects and other initiatives to reduce carbon intensity, with focus on the development of a carbon capture usage and storage project.
Eni has been operating in Abu Dhabi since 2018 with a 70% interest in Blocks 1, 2 and 3 in exploration phase. Eni also holds a 25% interest in the Ghasha offshore concession in development phase.
