PTT Exploration and Production Public Company Limited and Italy's Eni Establish Gas Joint Venture in the UAE

en.Wedoany.com Reported - On October 23, PTT Exploration and Production Public Company Limited (PTTEP) and Italy's Eni Group completed the establishment of the joint venture Seela Energies B.V., with each party holding a 50% equity stake, and contributed their respective interests in the Ghasha offshore gas concession project in Abu Dhabi, the UAE, into the new company. The joint venture has obtained the required approvals from governments, regulatory authorities, and project partners, and all conditions precedent for the transaction have been satisfied.

The cooperation was implemented by PTTEP MENA Limited, a wholly-owned subsidiary of PTTEP, and Eni Abu Dhabi B.V. Under the announced equity consolidation arrangement, each party transferred its respective 10% participating interest in the project to Seela Energies, and following the consolidation, each party indirectly holds a 10% interest in the project through the joint venture. The new company will be responsible for managing the investment interests and cooperation arrangements of both parties in the gas project, while project operations remain with Abu Dhabi National Oil Company.

The Ghasha gas concession area is located offshore Abu Dhabi, the UAE, and covers gas fields including Hail, Ghasha, and Dalma. The project's long-term plan targets natural gas production of more than 1.8 billion standard cubic feet per day, along with approximately 150,000 barrels of crude oil and condensate. The development works include offshore sour gas extraction, artificial island production facilities, and gas processing systems, and are designed to capture approximately 1.5 million tonnes of carbon dioxide per year.