PTTEP and Eni Fold Ghasha Stakes Into New JV, Seela Energies

Thailand’s PTTEP and Italy’s Eni have folded their respective stakes in ADNOC’s Ghasha sour gas concession offshore Abu Dhabi into a newly formed joint venture, Seela Energies B.V. PTTEP’s wholly owned subsidiary PTTEP MENA Limited and Eni Abu Dhabi B.V. each hold 50% of the new company, and the incorporation and transfer of interests has been completed after government and partner approvals and all conditions precedent were satisfied.

Same stakes, a new structure

The move does not change how much of Ghasha either company ultimately owns. PTTEP and Eni each held a 10% participating interest in the concession before the deal, and each now holds an indirect 10% through Seela Energies — the companies have consolidated separate direct stakes into a single shared vehicle rather than buying or selling into the project. ADNOC remains the concession’s operator and majority holder, with Austria’s OMV and Russia’s Lukoil each holding 5%. PTTEP entered Ghasha in June 2024, buying the 10% stake that Germany’s Wintershall Dea was exiting.

Inside one of the world’s largest sour gas projects

Ghasha is one of the largest offshore sour, or sulfur-rich, gas developments in the world. Over the long term it is expected to produce more than 1.8 billion standard cubic feet per day of gas and 150,000 barrels per day of oil and condensate. The project uses artificial islands built in shallow water rather than conventional platforms, and its design includes carbon capture targeting around 1.5 million tonnes of CO2 per year, low-carbon hydrogen as fuel gas, and inputs from nuclear and solar power — features ADNOC has framed as central to the UAE’s strategy for gas self-sufficiency and export growth.

Why consolidate now

In a statement, PTTEP said the formation of Seela Energies “strengthens the collaboration between PTTEP and Eni,” with both companies citing improved access to financing, closer operational cooperation and easier knowledge-sharing as the rationale for combining their holdings under one entity. The move follows a separate financing package: in December 2025, ADNOC secured up to $11 billion in structured financing from roughly 20 banks tied to Hail and Ghasha midstream assets, underscoring the scale of capital still required to bring the broader project to full production.

Part of a broader pattern in Abu Dhabi

The restructuring comes as ADNOC continues to expand and reshape its network of international partnerships across its upstream gas portfolio, with PTTEP and Eni among the most active foreign participants in its offshore concessions. ADNOC’s other gas megaprojects, such as Ruwais LNG, show the same pattern of bringing in international partners to share the capital burden of the UAE’s gas buildout. Consolidating minority stakes into joint vehicles is becoming a more common way for partners to manage exposure to capital-intensive sour gas projects while keeping their individual economic interests unchanged.

Sources

• Melisa Cavcic, “Eni, PTTEP forge JV to consolidate stakes in ADNOC’s giant offshore sour gas asset,” Offshore Energy, October 23, 2026, offshore-energy.biz — deal structure, stakes, PTTEP statement.
• “PTTEP, Eni Launch Joint Venture for ADNOC-Operated Ghasha Offshore Project,” Offshore Engineer, October 23, 2026, oedigital.com — independent confirmation.
• “Ghasha: PTTEP, Eni form 50-50 JV,” Oil & Gas Middle East, October 23, 2026, oilandgasmiddleeast.com — additional independent confirmation of the 50-50 structure.

Illustrative image. Photo: giggel, CC BY 3.0, via Wikimedia Commons — source