The two companies will invest at least $230mln in the exploration phase and ADNOC has the option to hold 60% in the production phase
ABU DHABI - Abu Dhabi National Oil Co. (ADNOC) said on Saturday it 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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