Rome-based Eni is the fourth worldwide company to secure rights to one of Adnoc's new offshore concessions and the first to sign up for the Umm Shaif and Nasr block.
ENI paid a participation fee of 2.1 billion dirham (575 million USA dollars) to enter the Umm Shaif and Nasr fields and a fee of 1.1 billion dirham to enter the Lower Zakum.
Eni is the fourth company to be awarded stakes in the new concessions after the breakup of the original ADMA block, and the first to sign a deal for the Umm Shaif and Nasr concession.
Headquartered in Abu Dhabi, Mubadala Petroleum has exploration, development and production activities across eight countries, with main focus on the Middle East and Southeast Asia.
The Umm Shaif and Nasr, and Lower Zakum concessions, along with the SARB and Umm Lulu concession areas, have been created from the former ADMA offshore concession, with the aim of maximising commercial value, broadening the partner base, expanding technical expertise, and enabling greater market access.
With its new partners, ADNOC hopes to raise output to 1.125 million b/d, from around 700,000 b/d at present.
The Shorouk concession, located about 190km north of Port Said, contains the Zohr's super-giant gas field, which had started production since last December. The signing was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, and His Excellency Paolo Gentiloni, Prime Minister of Italy.
Eni is operator with now 60% interest and other partners in the concession are BP with 10% interest and Rosneft with 30% interest.
In addition to foreign investments that include Austria's Borealis and Canada's Nova Chemicals Corporation, Mubadala is working with Adnoc to expand the state-owned oil company's petchems facility at Ruwais in the Western Region of Abu Dhabi.
ADNOC hopes to increase production at the Umm Shaif and Nasr concession to 460,000 b/d, from around 300,000 b/d now, as well as producing 500 MMcf/d of gas.
The deal with Eni comes less than a month after Japanese energy company INPEX was awarded a 10 percent stake in the Lower Zakum play off the coast of Abu Dhabi in an agreement that pushes Japanese cooperation with ADNOC into 2058.
Discovered in 2015, the Zohr field is estimated to have potential resources of more than 30Tcf of gas in place.