Thailand-based PTT Exploration and Production Public Company has partnered with Italy’s integrated energy major Eni to set up a joint venture company, Seela Energies B.V., that will hold their participating stakes in the Ghasha Concession Project offshore Abu Dhabi.

The agreement, inked with the Abu Dhabi National Oil Company (ADNOC), involves exploration and development as well as oil and gas refining and marketing, and is part of the Thai group's growth strategy for the Middle East region. 

The concession, known as Ghasha, is a mega gas project located offshore Abu Dhabi that encompasses the Hail, Ghasha, Dalma fields located in the Al Dhafra region.

The newly-established company, Seela Energies, will hold the 10% participating interest previously held by each company in the Ghasha Concession, resulting in PTTEP and Eni each retaining an indirect 10% interest in the project.

"We are also present in the region in Qatar and Iraq with diversified activities and initiatives aimed at promoting local development," he stated.