Eni and PTTEP form venture for ADNOC sour gas stakes

· Oil & Gas · United Arab Emirates · Italy

Italy's Eni and Thailand's PTTEP have created a joint venture called Seela Energies to streamline operations and combine their respective stakes in an ADNOC-operated offshore sour gas concession in the United Arab Emirates. The move consolidates two international partners' interests into a single vehicle, rather than leaving them held separately. ADNOC operates the concession. The restructuring is intended to simplify how the partners manage and develop the asset.

Why it matters：Consolidating international partners' stakes in a major Gulf sour gas asset signals how operators and NOCs are restructuring joint holdings to simplify decision-making in large upstream projects.

Key points

  • The venture is named Seela Energies
  • It combines Eni's and PTTEP's stakes in the ADNOC-operated concession
  • The asset is an offshore sour gas project in the UAE

Sources (original reporting)

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