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Our work in United Arab Emirates

Thanks to recent agreements on exploration and refining, our presence in UAE is becoming broader and broader, driven by the scale of the Ruwais and Ghasha projects and the partnership with ADNOC.

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Exploration of high potential areas

In the last two years we have signed strategically important agreements with the United Arab Emirates, starting in 2018 with an asset acquisition campaign aimed at establishing our presence in the country. In particular, in Abu Dhabi we have acquired two 40-year concession agreements to take a 5% stake in the Lower Zakum oilfield and a 10% stake in the Umm Shaif and Nasr oil, condensate and gas fields in production in the country's offshore. The overall transaction was worth approximately $875m. In the same year, we were awarded a 40-year 25% stake in the Ghasha offshore concession, which includes the Hail, Ghasha, Dalma and other offshore fields located in the Al Dhafra region. Production start-up is planned for 2022. In January 2019, we won the operatorship with a 70% stake in Exploration Blocks 1 and 2 in the country's offshore sector. The first-phase commitment includes exploratory studies for Block 1 and the drilling of two exploratory wells and two appraisal wells in Block 2. In January of the same year, we also obtained three onshore exploration concessions in Sharjah: the operatorship and a 75% stake in areas A and C, and a 50% stake in area B. The first exploration phase commitment includes the drilling of a well and exploratory studies in areas A and B and exploratory studies in area C. Finally, in April 2019, we acquired an offshore exploratory concession in Ras al Khaimah, winning the operatorship in area A with a 90% stake. 

Refining in a strategic location

In July 2019 we finalised refining and trading agreements with Abu Dhabi National Oil Company (ADNOC) as part of a strategic partnership for us. In particular, we acquired a 20% stake in ADNOC Refining. The Downstream partnership also benefits from an advantageous geographical location to supply markets in Africa, Asia and Europe. ADNOC Refining runs three refineries, in the Ruwais and Abu Dhabi areas, with an overall refining capacity of more than 900,000 barrels a day. The Ruwais complex is fourth in the world in terms of production capacity and guarantees a high level of conversion.

With ADNOC for decarbonization

We aim for operational excellence in our activities, reducing direct CO2 emissions from operating assets. We develop new technologies to capture, store and use CO2 to bolster our decarbonization strategy. In line with our goal, we are also working in Abu Dhabi to achieve zero net emissions by 2030. Specifically, we are working with ADNOC to build a carbon capture and storage plant and an enhanced oil recovery project in the BAB field, which will reduce emissions to 360 thousand tonnes per year. We have also launched a project to electrify the Lower Zakum, Umm Shaif / Nasr and Dalma fields, with the aim of further reducing emissions by 200 thousand tonnes per year.

We create energy

We work every day to drive development in the Middle East. In the United Arab Emirates we recently launched the Ruwais refining project and the Ghasha  project for the exploration, production and development of hydrocarbons in the area. Through our business activities, socio-economic projects and commitment to reduce environmental impact in the country, we also contribute towards the achievement of the UN's Sustainable Development Goals (SDGs).

Ghasha

In 2018, we were awarded a 25% stake in the Ghasha offshore concession, which includes the Hail, Ghasha, Dalma and other offshore fields. Hail, Ghasha and Dalma are located in the Al Dhafra region and will tap into the Arab basin, which is estimated to contain several trillion standard cubic feet of recoverable gas.

Discover Ghasha
Discover Ghasha

Refining in Ruwais

In 2018, we launched a new growth phase in the refining sector by acquiring 20% of the Ruwais refinery in Abu Dhabi, worth $3.3 bn. The acquisition of the refinery enables us to increase our refining capacity by around 35% and significantly improve our forward-looking profitability.

Discover Ruwais
Discover Ruwais
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FOCUS

Exploring the United Arab Emirates

Abu Dhabi, the largest and richest of the seven emirates, may be the driver behind the UAE's economy.

Economic growth in the country slongside development in the oil and gas market.