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ADNOC Awards Two Offshore Exploration Blocks

Abu Dhabi National Oil Co. (ADNOC) has awarded a consortium formed by Italy's Eni and Thailand's PTTEP two offshore exploration blocks.

 

Eni will be the operator of the blocks, holding together with PTTEP a 100 percent stake in the exploration phase, it said in a statement.

 

The two companies will invest at least $230 million in the exploration phase and ADNOC has the option to hold 60 percent in the production phase, if a commercial discovery is made, it said.

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