Eni and PTTEP have had their field development plan for Abu Dhabi’s Offshore 2 block approved, and now target FID later this year says the Thai state firm. The two firms were awarded exploration licenses for Offshore 2 and the neighboring Offshore 1 in Abu Dhabi’s first licensing round in 2019, with Eni holding 70% and PTTEP 30% in each project (MEES, 18 January 2019).
Offshore 2 (see map) has proven to be a prospective asset, with the first well there – XF-002 - striking a gas discovery. Initial estimates were of 1.5-2tcf (MEES, 4 February 2022), and after analyzing deeper reservoirs this was upgraded to 2.5-3.5tcf (MEES, 29 July 2022). With the well approximately 30km offshore Abu Dhabi and water depths shallow, tying production back to onshore facilities should be relatively simple. An Eni spokesperson previously stated that development options would prioritize “leveraging possible synergies with existing assets.” (CONTINUED - 696 WORDS)
