# Eni and PTTEP combine Ghasha interests in new Seela Energies venture

> Eni Abu Dhabi and PTTEP MENA formed Seela Energies to hold their existing interests in ADNOC-operated Ghasha. The partners each own 50% of the venture, while their concession stakes remain 10% each.

- **Source date:** 2026-10-23
- **Original source:** [Offshore Energy](https://www.offshore-energy.biz/2026/10/23/eni-pttep-forge-jv-to-consolidate-stakes-in-adnocs-giant-offshore-sour-gas-asset)
- **Reading time:** 3 min read
- **Language:** English
- **URL:** https://voltformer.com/news/eni-pttep-seela-ghasha-jv-october-2026
- **Markdown:** https://voltformer.com/news/eni-pttep-seela-ghasha-jv-october-2026.md
- **Keywords:** United Arab Emirates, Natural gas, Offshore, Joint Venture, October 2026, Project development

## A new vehicle for two Ghasha interests

Offshore Energy reported on October 23 that Italy’s Eni and Thailand’s PTT Exploration and Production (PTTEP) established Seela Energies, a joint venture to consolidate their interests in the Ghasha concession offshore Abu Dhabi. Eni Abu Dhabi and PTTEP MENA each own half of the new company. Each parent currently holds a 10% participating interest in the ADNOC-operated concession, and those interests are to be transferred into the venture.

The report says regulatory, government and partner approvals had been obtained and conditions precedent fulfilled. This is a corporate and ownership-structure step around the existing concession. It does not announce a new discovery or change ADNOC’s stated role as operator.

[Offshore Energy](https://www.offshore-energy.biz/2026/10/23/eni-pttep-forge-jv-to-consolidate-stakes-in-adnocs-giant-offshore-sour-gas-asset) · [PTTEP](https://www.pttep.com/en/newsroom/news-and-media/press-releases/)

## Development context and production outlook

Ghasha is a large offshore sour-gas development in Abu Dhabi. Offshore Energy reports that the wider development is expected over the long term to produce more than 1.8 billion standard cubic feet of gas per day and 150,000 barrels per day of oil and condensate. These are project-level expectations, not current output from Seela Energies and not a forecast attributable only to the new company.

The concession is part of ADNOC’s wider Hail and Ghasha development. Eni and PTTEP hold minority participating interests. The October 23 report does not describe a transfer of operatorship or a change in overall concession ownership beyond putting the parents’ existing 10% stakes under a jointly owned vehicle.

[Offshore Energy](https://www.offshore-energy.biz/2026/10/23/eni-pttep-forge-jv-to-consolidate-stakes-in-adnocs-giant-offshore-sour-gas-asset) · [PTTEP](https://www.pttep.com/en/newsroom/news-and-media/press-releases/)

## Why the partners are combining their stakes

PTTEP said the venture is intended to streamline operations and combine the partners’ interests. Offshore Energy also reports that the companies cited financing access, shared technical expertise and capability-building as reasons for creating the platform. A joint vehicle may make governance or financing arrangements easier to manage, but the announcement does not quantify financing secured through Seela, disclose a new budget or announce a construction award.

Ghasha has previously been associated with major project-finance and infrastructure arrangements. Those wider figures should not be attributed to the new venture unless the partners make that connection explicitly. The October report describes Seela’s corporate purpose and supplies no terms for new project finance.

[Offshore Energy](https://www.offshore-energy.biz/2026/10/23/eni-pttep-forge-jv-to-consolidate-stakes-in-adnocs-giant-offshore-sour-gas-asset) · [PTTEP](https://www.pttep.com/en/newsroom/news-and-media/press-releases/)

## What remains to be disclosed

The formation of Seela clarifies how Eni and PTTEP will hold their existing Ghasha participation, but leaves project questions open. Public details still needed include the effective transfer date, the venture’s governance and funding arrangements, its work programme, and how it will coordinate with ADNOC as operator and with other concession partners.

For suppliers and project watchers, the announcement signals alignment among existing partners, rather than a new procurement package. Further decisions on the development schedule, engineering and construction scope, gas-processing facilities and commissioning would be needed before this corporate change can be linked to measurable project activity.

[Offshore Energy](https://www.offshore-energy.biz/2026/10/23/eni-pttep-forge-jv-to-consolidate-stakes-in-adnocs-giant-offshore-sour-gas-asset) · [PTTEP](https://www.pttep.com/en/newsroom/news-and-media/press-releases/)

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