UAE’s ADNOC awards offshore exploration blocks to Eni, PTTEP

1 / 2
2 / 2
ADNOC has awarded two offshore exploration blocks to Eni and PTTEP. (Courtesy ADNOC)
Updated 12 January 2019
0

UAE’s ADNOC awards offshore exploration blocks to Eni, PTTEP

ABU DHABI: UAE’s ADNOC has awarded two offshore exploration blocks to Eni and PTTEP, following Abu Dhabi’s first competitive block licensing round.

 

The two blocks in the northwest of Abu Dhabi – Offshore 1 and Offshore 2 – are the first blocks to be awarded among the geographical areas that were offered for commercial bidding by ADNOC, in April 2018, as part of Abu Dhabi’s first competitive open block licensing strategy.

The award of the two blocks was endorsed by Abu Dhabi’s Supreme Petroleum Council.

Under the terms of the agreements, Eni will operate the concessions and PTTEP and Eni will invest at least 844 million dirhams ($230 million) to explore for oil and gas, and appraise the existing discoveries in Offshore Block 2. At the same time, the exploration and appraisal plans for the Offshore Block 1 will be finalized. The two blocks cover a combined area of approximately 8,000 square kilometers.


Tunisia to almost double gas production this year

Updated 17 min 13 sec ago
0

Tunisia to almost double gas production this year

  • The project will be jointly owned by Austria’s OMV and Tunisian National Oil Company ETAP
  • It will include investments of about $700 million

TUNIS: Tunisia will almost double production of natural gas to about 65,000 barrels of oil equivalent per day this year, the industry and energy minister, Slim Feriani, told Reuters on Friday.
The country’s gas output will jump from 35,000 barrels of oil equivalent per day (boed) when the southern Nawara gas field comes onstream in June, Feriani said.
“We will raise our production by about 30,000 barrels of oil equivalent when the Nawara project in the south will start,” Feriani told Reuters in interview.
This project will be jointly owned by Austria’s OMV and Tunisian National Oil Company ETAP with investments of about $700 million.
Feriani also said Tunisia was seeking to attract about $2 billion in foreign investment to produce 1,900 megawatts (MW) of renewable energy in three years. “We will start launching international bids for the production of renewable wind and sun energy. We aim to produce 1,900 MW by investment of up to $2 billion until 2022,” he said.
This would represent about 22 percent of the country’s electricity production.
PHOSPHATE
Tunisia also plans to raise production of phosphate from 3 million tons to 5 million in 2019, he said.
Raising the output will boost economic growth and provide revenue to revive its faltering economy, the minister said.
Phosphate exports are a key source of foreign currency reserves, which have dropped to levels worth just 82 days of imports, according to Tunisia’s central bank.
Tunisia produced about 8.2 million tons of phosphate in 2010 but output dropped after its 2011 revolution. Annual output has not exceeded 4.5 million tons since 2011.
Feriani said lower production has caused Tunisia to lose markets and about $1 billion each year.
Phosphate exports were hit by repeated protests in the main producing region of Gafsa, where unemployed youth demanding jobs blockaded rail transport.