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* ADNOC looking to find balance in strategic partners-analyst
* Deal offers low-risk, long-term supply to Eni -analyst
* Agreements are for 40 years(Adds analyst comment, changes date in dateline)
Eni has contributed a participation fee of
The signing ceremony in
"The awards mark the first time an Italian energy companyhas been given concession rights in
The agreements with Eni have a term of 40 years and arebackdated to March 9, 2018, ADNOC said.
"Our partnership with Eni, and other concession partners,will enable us to accelerate our growth, increase revenue andimprove integration across the upstream value chain," ADNOCChief Executive Sultan Al-Jaber said in the statement.
Last month, a consortium led by
"This is the first award by ADNOC to a major (in theoffshore renewal), and shows it is looking to find a balance inits strategic partners between companies from major buyers, suchas
The ADNOC deal also provides low-risk, long-term supply toEni, and lays the foundation for the Italian company's
ADNOC said on Sunday it was still finalising opportunitieswith potential partners for the remaining 15 percent in theLower Zakum concession and for the remaining 30 percent stake inthe Umm Shaif and Nasr concession. ADNOC will keep a 60 percentshare in both concessions.
In August, ADNOC said it would split its ADMA-OPCO offshoreconcession into three areas - Lower Zakum, Umm Shaif and Nasr,and Sateh Al Razboot and Umm Lulu - with new terms to unlockgreater value and increase opportunities for partnerships.
The existing ADMA-OPCO concession, which expired on March 8produces around 700,000 barrels per day (bpd) of oil and isprojected to have a capacity of about 1.0 million bpd by 2021.
The original shareholders in the ADMA-OPCO included BP, and Total SA.(Reporting by Rania El GamalAdditional reporting by Florence TanEditing by David Evans, Louise Heavens)
