Eni, PTTEP Forge JV to Consolidate Stakes in ADNOC’s Giant Offshore Sour Gas Asset

October 23, 2026 · 12 hours ago

PTTEP and Eni have created Seela Energies to streamline operations and combine their stakes in an ADNOC-operated concession off the coast of the UAE.

As one of the world’s largest sour gas mega-projects continues to take shape in the waters of the Arabian Gulf, two energy heavyweights, Thailand’s PTT Exploration and Production Public Company (PTTEP) and Italy’s Eni, have pooled their stakes in Abu Dhabi’s massive Ghasha concession, carving out a newly minted joint venture (JV) called Seela Energies to unlock financing, share deep technical expertise, and scale up their activities for the long haul.

PTTEP MENA, PTTEP’s wholly owned subsidiary, together with Eni Abu Dhabi, has established Seela Energies, with each company holding a 50% shareholding. Each of the founders holds a 10% participating interest in the Ghasha concession project, which will now be transferred to the newly formed JV.

As a result, the duo will hold an indirect 10% interest in the project. According to PTTEP, all required regulatory, governmental, and partner approvals have been obtained, and all conditions precedent have been fulfilled.

“The establishment of Seela Energies strengthens the collaboration between PTTEP and Eni, enhances access to financing, builds capability, shares expertise and supports potential future mutual growth in Middle East region, in line with PTTEP’s strategy to deliver long-term value through strategic partnerships,” emphasized the Thai player.