By Nathan Allen

ENI SpA (ENI.MI) said Tuesday that it has signed an agreement with Abu Dhabi National Oil Co. to take a 25% stake in the Ghasha gas project off the coast of the United Arab Emirates.

The Ghasha Concession, which has a term of 40 years, comprises the Hail, Ghasha, Dalma and other offshore fields, located in the Al Dhafra region of the country, ENI said.

Under the terms of the deal, ENI will contribute 25% of the development costs.

With recoverable reserves of several trillion cubic feet, the project should produce more than 1.5 billion cubic feet of gas per day once it comes online in the middle of the next decade, ENI said.

It will also produce more than 120,000 barrels of oil and high value condensate per day, the company said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

November 13, 2018 01:41 ET (06:41 GMT)

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