Thailand's PTT Exploration and Production (PTTEP) and Eni have established an equally owned joint venture to hold their interests in the Ghasha gas development offshore Abu Dhabi.
The new company, Seela Energies B.V., was established by PTTEP's wholly owned subsidiary PTTEP MENA Limited and Eni Abu Dhabi B.V., with each holding a 50% stake.
Under the arrangement, PTTEP MENA and Eni will transfer their respective 10% participating interests in the Ghasha Concession to Seela Energies, leaving each company with an indirect 10% interest in the project.
PTTEP said all required regulatory, governmental and partner approvals had been obtained and all conditions precedent fulfilled.
The Ghasha Concession, operated by Abu Dhabi National Oil Company (ADNOC), is expected to produce more than 1.8 billion standard cubic feet of gas per day and 150,000 barrels of oil and condensate per day over the long term.
PTTEP said the joint venture would strengthen cooperation with Eni, improve access to financing and support the sharing of technical expertise and capabilities for potential future growth in the Middle East.